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S&P500 Holding its 50-day MA

S&P500 Holding its 50-day MA

Updated

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US Equities bounced back again in the past two days, while the S&P500 recovered all of its declines after holding well above its 50-day MA for the fifth time this year. Unfortunately, we couldn’t trigger any long positions as we were looking for some sort of stabilization first, but the bounce back came faster than we thought. In the meantime, It would be wise to stand aside and watch for how long this rally may continue, while any downside retracement should be considered as a new buying opportunity, as long as it stays above that same 50-day MA. 

S3

S2

S1

Pivot

R1

R2

R3

4338.50

4341.50

4347.50

4350.50

4356.50

4359.50

4365.50

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