The market officially entered correction territory on Thursday (10%+ decline).
On Friday, the S&P 500 bounced off the 200-day moving average (~$2,539) and then had a huge reversal to the positive to close at about $2,620. This could indicate a continuation of the rally over the next week or two producing positive returns. I’ll be closely monitoring other key levels during this rally such as the 100-day moving average (~$2,640), 50-day moving average ($2,719) and, of course, the prior peak of $2,872 from January 26th. See chart:
Continue reading “May be a good week or two for stocks. Watch for this, however…”