S&P 500 Trend Followers: Watch this Line
Following the S&P 500 index , the 30-minute chart with its 200-period moving average is now showing .SPX BELOW the 200-period line in orange. Note that since May 29, rallies and declines have stopped at this line 6 times. If there’s a rally back toward the 200-period line, expect technical resistance as the market tries to break above the moving average. As was the case on June 6, a sideways move may be bullish. Otherwise, the psychologically important 1300 level could be tested.