Last week stocks rallied strongly on an abating fear factor; a pair of 200-day moving averages look set to become focal points in the days ahead. Get your weekly equities forecast from PaulRobinsonFX here:
S&P 500
is coming off recent low levels in strong fashion, bringing into play the 200-day moving average. It was broken in convincing fashion a month ago, and in the days ahead it is seen as likely being a focal point for the market. It is seen as probable that the 200-day could at least put in a pause to the rise, if not causing a bit of a sharp reaction even if the market is to eventually go on to reclaim it as support. Given where we are in the bounce cycle it is a difficult spot to enter longs without running the risk of getting caught in a pullback.
As for short positions, it is ideal that we see some indication that the market wants to turn back lower, i.e. a strong reversal day.do so at a key level/line of resistance such as the 200-day MA. In the days ahead we should get a better idea of how to handle the SPX.
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