S&P 500 trades above 200-day SMA

Russell Shor, CFTe, MFTA FXCM

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 SMA. If the 200-day SMA turns up, this will be considered as a bullish development.

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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