The S&P 500 finished near its session highs, adding nearly 4 points, closed at 1125.07, its third straight close atop its 200-day moving average. The market was bouncing around the neutral line all day, moderate weakness at the open led to a lower start, but the broader market was able to attract support as the 1115 line held for the S&P 500. The 1115 line not only marks the stock market s 200-day moving average, but it is also the dividing point between year-to-date gains and losses.
Stock trading has been choppy over the past few sessions as investors searched for a catalyst to buy. The 200- day moving average act as a strong support for this two days, so as the 1130 resistance. Traders are watching these two numbers. I am very sure the next short term market move will follow the breakout of the support 1115 or resistance 1130.
Market is overbought, but not to the level that I will call everyone in the bear campus to jump on board. However, I will highly suggest you to lighten your long exposure from now on and on the way up of this rally.
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