The Market is going up and down like a yo-yo, a roller-coaster if you will. The S&P 500 rebounded from 183 and retook the 200 DMA, but suffered a negative trading session today. Looking at the chart - the index is stuck between the moving averages. The one it 'breaks' first will tell a lot about where we are going. If we break the 50 DMA to the upside, it's most likely new highs. However, if we re-test and re-break the 200 DMA to the downside - look out below. We are almost exactly in the middle of the range, so I'm not going to play reader of the crystal ball and guess. We need more information.
Tomorrow and Friday's trading sessions should give a lot more of that needed information. Do we rally tomorrow or fade towards the 200 DMA? Watch 190 on SPY.
Tomorrow and Friday's trading sessions should give a lot more of that needed information. Do we rally tomorrow or fade towards the 200 DMA? Watch 190 on SPY.