The major uptrend as defined by the 200-day moving average still prevails until proven otherwise
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The major uptrend as defined by the 200-day moving average still prevails until proven otherwise
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This is a tentative breakout worthy of a headline but not a trade. Wait for a confirmed breakout. You will know.
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The following chart was published in The Economist
https://www.economist.com/finance-and-economics/2018/08/23/americas-stockmarket-passes-a-milestone
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This could be a defensive play in reaction to the tariff fiasco. Notice the drop in the tariff sensitive sectors of materials and industrials.
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But, the breakout will have to hold above 2742
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The S&P 500 is holding at the 200-day average. The near-term trend is positive and I am looking for a test near the April high of 2717. A breakout above the April high would be a positive near-term signal for the S&P 500.
Here is a live 4-year weekly chart for the S&P 500 Index.
Reference my last post for the S&P 500 index.
Here was my post on the sector performance.
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