S&P 500 trades above 200-day Simple Moving Average

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November 8, 2018 1:14pm NYSE:SPY

From Russell Shor: The SPX500 is technically still in a downtrend. However, we note that the index is very close to ending the downtrend. 


SP500

 

The above chart shows daily price action. The SPX500 is technically still in a downtrend. However, we note that the index is very close to ending the downtrend. If price moves above the green horizontal a higher peak will have been charted. The index is above the 200-day Simple Moving Average (SMA). If the 200-day SMA turns up, this will be considered as a bullish development.


The SPDR S&P 500 ETF Trust (SPY) was trading at $281.00 per share on Thursday afternoon, down $0.01 (0.00%). Year-to-date, SPY has gained 5.72%.

SPY currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #1 of 152 ETFs in the Large Cap Blend ETFs category.


This article is brought to you courtesy of FX Street.


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