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Yesterday, for the fourth time since late October, the S&P 500 was unable to reclaim its 200-day MA. If the broad market is to move to higher ground, the S&P must clear this key mark. Yesterday’s action in this index provides an excellent demonstration of the importance of the 200-day MA. The S&P now appears to have drawn two important “lines in the sand”. The next big move in this index will likely be determined by whether it breaks through resistance at 1,270 first or loses support at 1,202 first.

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