S & P 500 closed above 200 day Moving Average on April 3/4. Markets did well to close above the moving average. Today, the markets seem to be retesting the 200 day MA. S & P 500 closed slightly below but Nasdaq and Dow Jones closed above 200 day Moving Average. All this rhetoric about trade wars has not shaken the markets enough to breach the averages. All the indexes did well to have found support and close above 200 day MA today on April 3, 2018.
It is difficult to predict the outcome of this temporary bottoming but watch charts closely.On April 5, the SP 500 failed to break past the 200 moving average on 30 minute chart. It clearly shows that markets are on a weak footing.
Please keep following our posts as we try to decipher the charts.