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Asset Watch
Tuesday, August 8, 2023
While the S&P 500 remains in an uptrend, playing the moving averages could be a wise way to remain invested and avoid a large drawdown. The index held above its 20-day moving average for more than two months before a breakdown occurred on Aug. 2. The key level has also become resistance, with an intraday rally above it reversing on Aug. 4, and the S&P 500 closing at the lows.
However, prior breakdowns were bought near the 50-day MA in April and May, so if the index approaches 4,406, aggressive traders may want to position for a reversal. A more conservative approach would be to wait for a bounce off the 50-day MA before executing.
Either way, should we be concerned when a long-term bull turns tactically bearish or will buying S&P 500 dips remain profitable in 2023?
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