S&P Testing Major Moving Average

S&P Testing Major Moving Average

The S&P arrived at the weekly 200-period moving average last week. The market closed right underneath it after touching it to the pip.

On the daily (right), we also see that this level is a local support/resistance level.

The question everyone is asking is whether the market will get through the Coronavirus without a market crash?! A break above the long-term moving average would be a bullish signal. A rejection may lead to more selling pressure.

 

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