The broader and blue chip indexes in the US are set for a retreat near term until a later-year rally kicks in, technical analyst Ray Barros said Tuesday.
The Standard & Poor’s 500 index will struggle to stay above 1,000 and should retest 980 and then flirt with 930 before a Christmas rally pushes it back above 1,000, Barros, CEO of Ray Barros Trading Group, told CNBC Asia.
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As for the Dow Jones Industrial Average , first stop on the slide will be 9,100 and then it will test 8,500, he said.
Looking at the chart of Ford Motor , Barros said the stock has support and could move to around $12 a share.