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Asset Watch
Tuesday May 7, 2024
The recent price action also resembles the run-up to the correction that unfolded in late 2023. Back then, a sharp rally gave way to a breakdown below the 50-day MA, and after some consolidation, the area between the 50 and 100-day MAs kept narrowing until the S&P 500 sunk below both.
This time around, the price action on the right side of the chart shows how the 50 and 100-day MAs continue to converge, and the gap will shrink the longer the index remains below the 50-day MA. As a result, you should pay close attention to the 50-day MA and maintain a cautious outlook until the index showcases sustainable strength above the key level.
So, will the bulls prevail and recoup the 50-day MA, or could the bears reprise their roles from late 2023?
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