Asset Watch
Tuesday, September 11, 2023
The blue line shows how the S&P 500’s 50-day moving average has become resistance, leaving room for a small bounce that approaches 4,478. But, if a reversal occurs, trendline support (the upward-sloping grey line) is near 4,400, and the key level ended the selling pressure throughout August.
Up next is the 100-day MA. If the rising support line breaks, a pullback near 4,350 could provide a solid entry point for those expecting a seasonal upswing into year-end.
So, should you play it safe for the next few weeks, or will a counterintuitive rally be the pain trade over the next month?