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Monday
Aug262013

S&P 500 Back Above 50-Day Moving Average

Based on the traffic on the roads this morning in the NYC area and the traffic we're seeing on Twitter and various websites, it looks to be a SLOW trading week.  That being said, the S&P 500 starts the week back above its 50-day moving average, which is better than where it was last week at this time.  As shown below, the index struggled to re-take its 50-day multiple times in the early part of last week, but on Friday it managed to break and close above this closely watched technical level.  If it can hold above for a few more days, bulls will be looking for a move back to new highs as we enter September, which is known to be a weak month for the market historically.