The S&P 500 continued its relentless drip toward its 50-day moving average while remaining in this large contracting structure. And today, for the first time, not only did it finally tag the 50-day SMA, it also closed beneath it:
As before, there’s still not a lot that inspires confidence in me for the bearish case in the short-term. This is a very sloppy decline.
The bears do have a few things. We’ve broken this trend line support today:
And being at the 50-day SMA all day has been unable to produce a significant rally.
That said, I will add a few things here:
Alright, that’s what I’ve got. Not much has changed yet. I hope everyone has a fine evening.