Will The 20 Day Moving Average Hold Once Again?
Since about mid November the S&P has been swinging between its upper Bollinger Band and its 20 day moving average. Yesterday, the index once again found support at its 20 day moving average.
Will it hold this time around?
We might be about to find out. But don't lose sleep just yet. The S&P has another powerful support level at around 2250. However, should this secondary support break, the market might be getting ready for a substantial leg down.
It makes sense to keep our eyes on this important metric.
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