Traders Brace for S&P 500 Free Fall as Chart Supports Crumble

(Bloomberg) — The spillover from the UK’s proposed tax cuts is washing into the US stock market.

Most Read from Bloomberg

The S&P 500 fell as much as 1.9% on Friday, bringing its rout in the week past 4.5%. The index already closed below the closely watched level of 3,800 this week, leaving the June bear-market low of 3,666 as the next line of support on technical charts.

The UK government unveiled a sweeping tax-cut plan that crashed the pound and the nation’s bonds as investors fretted…

Read More