The major US stock indices are paying back their gains.
Sustainable gains in the US equities are hard to come by these days. One of the reasons is a him him him him him him him him him
S&P index moves closer to the 200 week moving average
Of course, what is thought, may not play out as planned. As a result, it is important to listen to the technical story. For the S&P index I am focused on the 200 week moving average at 3589.60 (see green line in the chart above). The low price today reached 3614.54.
A move below the 200 week moving average would tilt the longer term bias more to the downside. Absent that, and the buyers are still in play from a technical perspective.
Where we are currently, it would take around a 50 point move to the downside from here into the close to push the price below that level today. Can it happen? Sure. Regardless, going forward, that 200 week moving average will continue to be eyed by traders for longer term bias clues. Move below increases the bearish bias. Stay above and the buyers are holding on to some hope for a corrective bounce.
