Tuesday
May042010
S&P 500 Getting Close to 50-DMA
Tuesday, May 4, 2010 at 12:14PM The S&P 500 is currently down about 3.5% from its closing high of 1,217.28 on April 23rd. As shown below, the S&P 500 is now getting very close to its 50-day moving average. While the 50-day is typically thought of as a key support level, the last time it came into play for the S&P was back in January, and the index didn't blink before breaking well below it back then. The last time the S&P closed below its 50-day was on February 26th. For those tracking it, the 50-day is currently at 1,168.45, about four points below the S&P 500's current intraday level.
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Reader Comments (1)
Selling in May and going away sounds pretty good right now. Ugly news out there - http://www.socialnews.biz/tag/S%2526P%2B500. Not many people think it will hold the 50 day moving average.