Chart of the Day: S&P500 Finding Resistance At 200-DMA

By Global Macro Monitor

Looked like today could be the day the S&P500 broke through and closed above its 200-day. That is, before the tape bomb out of the S&P putting most of the ‘Zone countries on negative watch for a credit downgrade. Let’s see how this plays out in in Europe tomorrow and whether the hardliners in Germany say, “… told you so!’”

The chart of S&P500 shows why the 200-day moving average matters and should be monitored.

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