After pulling back roughly 3% from an all-time high reached earlier this month, the S&P 500 is once again testing its 50-day moving average. The S&P 500 has tested its 50-day five times since the end of 2012. As shown below, the index held its 50-day the first three times it was tested, but after an initial hold on the fourth go-around, the support finally gave way to selling pressure after a few days. Will it hold again this time like the first three tests this year, or is a break coming?
Tune in to CNBC's Fast Money at 5 PM ET this evening to hear Bespoke's Paul Hickey discuss his views on the market.