The S&P 500 had a solid rally today, rising almost 2 percent and closing just short of the 200 DMA. Shocks have erased most of the flash crash losses and I do believe that if the SPY can get above the red line, new highs might still be possible this year.
I wouldn't have thought it possible a month ago, for this seemed to be *the* sell-off that finally wasn't going to be a simple buy the dip moment that we've seen over the last six years. However, the bears don't seem to have much fight left and the bulls are taking the market back over a bit each session. If the 200 DMA breaks to the upside, watch for new highs.
I wouldn't have thought it possible a month ago, for this seemed to be *the* sell-off that finally wasn't going to be a simple buy the dip moment that we've seen over the last six years. However, the bears don't seem to have much fight left and the bulls are taking the market back over a bit each session. If the 200 DMA breaks to the upside, watch for new highs.