S&P 500 Index Due for âStiff Correctionâ: Technical Analysis Share | Email | Print | A A A By Shani Raja Oct. 16 (Bloomberg) -- The U.S. Standard & Poorâs 500 Index may be due for a âstiffâ slump as it approaches a resistance level in coming weeks, according to Nader Naeimi, a strategist at AMP Capital Markets, which holds assets worth $75 billion. The U.S. indexâs 62 percent rally from its March low has brought it close to 1,121.4, which Naeimi says represents the 50 percent level Fibonacci analysts identify as a key resistance point. The performance of the index, which closed at 1,096.56 yesterday, is also diverging from measures of price and breadth momentum, pointing to a deeper âcorrectionâ than those that have occurred since the rally began, the strategist said. âThe divergences have started to build up over the past few weeks,â said Sydney-based Naeimi, whose firm went to âoverweightâ from âunderweightâ stocks in March. â -continued- http://www.bloomberg.com/apps/news?pid=20603037&sid=az6O532YfCpA Double-Dipper here we come! There's no cyclical bull. We're back to 1999 as it is, now, with this great rally.