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Asset Watch
Thursday June 6, 2024
After a breakout in early May, the S&P 500 didn’t close below its five-day moving average for roughly three weeks. And as the index closes above the key level on Jun. 3 and 4 (following intraday breakdowns), a long position is justified if the S&P 500 holds the line.
If not, and payrolls and wage inflation outperformances sour the mood, the 50-day MA could be a source of support. It acted as resistance in late April (after a breakdown) and buyers stepped in near the level on May 31. As a result, it could be a solid entry point for those who prefer to wait until after the release to open a position.
So, could a payrolls party induce another three weeks of S&P 500 bliss, or is a breakdown more likely?
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