On the Nasdaq, it is long blown thru on the upside, so no games there, but on the Dow and S&P500 is a different story.
Attached are the Dow and S&P500 5 min charts with the 200 day Moving Average in pink.
Notice on the Dow, it has yet to break thru the 200 day as it rejects price as resistance, but on the $SPX the 200 day is already acting as support having bounced along it yesterday.
Once the Dow breaks thru then we can get more comfort that this rally has legs.
Posts
Dow sitting right on 200 Day MA at 1:45pm today ($8745)
ReplyDeleteThe Dow closed right on its 200 day Moving Average (technically it is above it by 17 points). I will need a few days confirmation before can give it full credit, but so far so good.
ReplyDeleteThe Dow came really close to hitting the 200 day in this afternoon's selloff, but now sits safely above it by 50 points. A close above it on Monday and we may have confirmation.
ReplyDeleteDow now 100 pts over 200 day MA after spending most of the day below it. S&P 20 pts above 200 day MA
ReplyDeleteDow back below 200 day MA by 90 points after today's sell off. $SPX 200 day is 9 points lower and falling. The Dow's 200 day is falling at roughly 10 points/day and the $SPX at about 3 points/day.
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