Tag: Moving AveragesSort
A golden cross occurs when a market’s 50-day moving average crosses above its 200-day moving average. We believe conditions have improved since central banks have cranked up the printing presses, which means the recent “golden cross” in the S&P 500 may turn out to be golden for investors.
To a first-time observer, watching a technical analyst spot a major trend change in a financial market before it occurs can seem as mystical as pulling a rabbit out of hat. But once you learn the tools of the trade, you know there are no tricks up the technical analyst's sleeve. What you see, is exactly what you get.
The major indexes spent the entire session today in negative territory and saw the selling pick up during the last hour of trading.
Like in yesterday's session the Nasdaq Composite performed the worst finishing down 2.6% along with Semiconductor stocks down 3.4%.
The DJIA and SP 500 did not perform much better down 2.2% and 2.5%, respectively.
The stock market had another volatility chop fest with the SP 500 up 2.2% at it highs down 1% at its lows to settle up 0.8%.
The swings in the Nasdaq Composite were even more wild up 1.9% at the highs down 2.3% at the lows to down 0.4% by the close.
China technology shares along with Semiconductor stock issues which lagged the overall market were the cause.
Stock traded higher at the beginning of today's session but then drifted lower the rest of the day (this has been the trend lately) with the major indices closing down at least 1.5% each.
The SP 500 support/resistance levels moved lower to 1,150 from 1,173 and 1,154 from 1,183.
The Nasdaq Composite did the same with support moving from 2,540 to 2,483 and resistance from 2,549 to 2,530.
The market turned gains of at least 2.8% each on the major indexes into minimum profits of only 1.1% as stocks gave back more than half of their intra-day returns.
The major indexes closed below their intra-day session mid-points.
Even so the support/resistance levels on the SP 500 did rise from 1,154 to 1,173 and from 1,165 to 1,183.
Stocks bounced between gains and losses early in today's session but by the close the major indexes rose at least 1.4% each.
SP 500 support/resistance moved up from 1,130 to 1,154 and 1,150 to 1,165.
Support/resistance on the Nasdaq Composite rose to 2,483 from 2,470 and 2,536 from 2,483.
SP 500 and Nasdaq Composite remain below their moving averages (21, 50, 200).
After yesterday's brutal sell-off stocks rose with the indices gaining at least 0.4% today palpable to the prior session's losses.
The broader SP 500 support level moved up slightly from 1,128 to 1,130 while resistance remains the same at 1,150.
The support/resistance levels for the Nasdaq Composite moved higher from 2,381 to 2,470 and from 2,468 to 2,483.
Stocks declined heavy again with major indexes down at least 3.2% each today.
SP 500 support/resistance moved down from 1,165 to 1,128 and 1,173 to 1,150.
Nasdaq Composite support moved lower from 2,531 to 2,381 and resistance moved lower from 2,549 to 2,468.
SP 500 and Nasdaq Composite are now both below their moving averages (21, 50, 200).