The S&P 500 tested the 200-day Moving Average, briefly trading below. While definitely not a good sign, the area of support in the low 4200 is quite strong. In particular, I look at the Feb 2 peak as the ultimate test – 4,179.76. Today it is a ‘big Tuesday’, with earnings, among others, from Alphabet, Microsoft, Visa, and Texas Instruments, all after close. While all indices are enjoying a small bounce at the time of writing, surviving the next two weeks of earnings is crucial if the S&P 500 is to stay afloat.
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Chart from Bank of America. H/t ISABELNET.com
Inflection Point Tom Baldacci