The S&P 500 hit the 200-day moving average yesterday and came off a bit before closing near it. There is a high likelihood that we see more volatility around the widely-watched MA, creating choppy trading. Get your market update from PaulRobinsonFX here:
The S&P 500 hit the 200-day moving average yesterday and came off a bit before closing near it. There is a high likelihood that we see more volatility around the widely-watched MA, creating choppy trading. The volatility will be best suited for the very short-term minded trader .
As far as the recovery is concerned off the recent low, it could continue towards the next level of resistance if the SPX can get some separation from the 200. The fact that the trend-line/channel line off the record high was crossed the past couple of sessions is a positive. A pullback may be supported by 4416, an early March swing-high. What could do the index some good to reload for another push higher, is if a consolidation between support and resistance develops before trying to push higher. Separation from the 200-day will have the next level of resistance in focus around 4595.
Overall, it’s a bit of a tricky spot from a near-term trading perspective, but a little time should help bring more clarity to the situation. If long from lower levels, sitting tight for now may be a prudent approach given a couple of the positives we have seen. But chasing here at the 200 or higher could prove problematic as a dip could ensue at any time. Shorts don’t hold a lot of appeal right now.
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