S&P 500: Holding above the 20-day moving average - BBH

Sandeep Kanihama FXStreet Contributor

The S&P 500 closed marginally lower for the second consecutive week and during those two weeks, the benchmark has lost less than 0.5% while holding above the 20-day moving average found a little below 2422.

Key Quotes

“The technical indicators (RSI, MACDs, and Stochastics) have turned down, warning of near-term downside risks. We wonder if into the end of the quarter; there is not some more profit-taking in equities, where the market is up in H1 what it was up for all of 2016 (~9%). However, an informal survey and anecdotal stories suggest that the way many global equity managers made money in H1 (unhedged Europe, EAFE, and/or emerging market equities) was how they expect to make money in the new quarter.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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