After eight days above the five-day moving average, the S&P 500 has finally penetrated that line, halting the uptrend. However, at the mid-day, Cumulative Tick and the Advance Decline lines appear to be healing themselves and the falling VWAP has flattened. And this remains a mixed market with the Dow a fraction higher.
I wouldn't be surprised to see the SPY rechallenge the five-day from the downside later today if we can break convincingly above the VWAP, though I expect that higher level would then provide strong resistance in the absence of a bullish news event, especially going into the weekend. So, most likely trade is more or less sideways to continued moderate move lower, perhaps to SPY $77.50 or so, in my opinion.
12:50 EST Update: Nope... as soon as Bernanke finished we broke down, now coming up on my downside target, which looks to get taken out at this rate.
Never Investment Advice
Schedule for Week of March 29, 2015
1 hour ago