The S&P 500 was trading below its 50-day moving average last week, and is within reach of support at 1,275, a low touched in late January.
The confluence of events is making investors increasingly cautious. The market's recent weakness revived talk a correction is near, analysts said, even though stocks recovered from early losses Friday to finish the day higher with the Dow back above 12,000 and the S&P 500 above 1,300.
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