Namely, we’re precisely between the 20 and 50 Day EMAs for $SPX as we can see below:
For quick reference, the market is uptrending with rising moving averages.
However, we’re beginning to see these daily EMAs flatten – and price is bouncing between them now.
Mainly we’re looking at the 20 day EMA into 2,356 and the 50 day EMA at the 2,341 level.
With the dojis and range days just under the 20 EMA, we’re now seeing support off the 50 day EMA.
As always, we use these as key reference areas in a compression until price breaks free of this range.
The SPDR S&P 500 ETF Trust (NYSE:SPY) fell $0.34 (-0.15%) in premarket trading Thursday. Year-to-date, SPY has gained 4.70%, versus a % rise in the benchmark S&P 500 index during the same period.
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