Chart of the Week: S&P500 Index plus 200 Day MA
The S&P500 managed to bounce off its support line at the 200-day moving average several times over the past few days. Each bounce off of support weakens it, however, as the Bulls expend a lots of energy trying to stay above the green line.
S&P500 Index plus 200 Day MA (6 mos)
Source: Redwood Technimentals Research Group
The Rallies have had modest positive internal skews (up/down volume ratio and advance/decline ratio); How ever, we would be more encouraged if they were on heavier volume. Technimental’s Kevin Lane observes: “Volume equates to confidence and conviction and low totals suggest neither.”
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