Stocks moving back higher. S&P back above 200 day MA.
200 day MA at 2590.67 today
As the White House press conference gets underway,the S&P index is trading back above its 200 day MA at 2590.67 (the price is at 2598).
The high today has reached 2606.99. The low 2575.49. Yesterday was the first close below the 200 day MA since June 2016.
Drilling to the 5-minute chart, the price has been trading above and below the 2590 line (red line in the chart below). The price trades between the 100 bar MA at 2582.57 and the 200 bar MA at 2604.59. The high today stalled just ahead of the 200 bar MA. Getting above would be more bullish.
So the 200 day MA remains key level. A close above that MA today (and if it can run higher from here into the close), would give longs a reason to breathe a little easier. A close below will be two day in a row and buyers will start to feel a bit agitated again.
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