S&P Rests on 50-Day Moving Average as Risk Trade Takes a ‘Breather’
The broad Standard & Poor’s 500 stock index now rests precariously on its 50-day moving average of about 1050. If stocks do fall through that trend line, it could represent a change in direction from an almost unbroken uptrend seen in the 50-day S&P average since stocks struck their early March lows.
As such, it would add to the evidence that a correction is underway. This only the second time the S&P has grazed the fifty-day moving average since July, writes Miller Tabak equity strategist Peter Boockvar in a trading note out today. “The risk trade is taking a breather coincident with a U.S. dollar rally,” he wrote.
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S&P Rests on 50-Day Moving Average as Risk Trade Takes a ‘Breather’
