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Thursday
Aug152013

S&P 500 Back Down to Its 50-DMA

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.