S&P 500: Maintains Breakout On Successful 20-Day MA Test
Declan Fallon | Mar 06, 2015 05:27AM ET
Another day, another successful defense of breakout support yesterday. The S&P 500 held on to its 20-day MA and is well placed to bounce off this moving average today. Volume was down yesterday, which for a higher close was maybe a little disappointing.
The NASDAQ closed with a small doji in a very nondescript day for the index. Volume was lighter too.
The Russell 2000 continued to hold its breakout. Like the S&P 500, the 20-day MA is available to lend support too.
Bears have, so far, struggled to push this market lower. With the presence of the 20-day MA (and breakout support) for both the S&P 500 and Russell 2000, there is an opportunity for bulls to come back out of the closet and reassert their earlier control.
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