S&P 500 peeks above its 200-day moving average for first time in 10 weeks
The S&P 500 rallied 1.4% in afternoon trade, to peek above the widely watched 200-day moving average (DMA) for the first time on an intraday basis since Dec. 4. The 200-DMA, which many chart watchers view as a line that separates longer-term downtrends from uptrends, currently extends to 2,743.36, according to FactSet, and the S&P 500 is currently at about 2,746. The last close above the 200-DMA was Dec. 3. On the bullish side for technicians, the 200-DMA line has been rising since Jan. 29, and breaking above a rising line is viewed as more bullish than hurdling a declining line. Also on the plus side, the Dow Jones Industrial Average has closed above its 200-DMA every day since Jan. 30. Meanwhile, the indexes that led the late-2018 broader market selloff, the Russell 2000 and the Nasdaq Composite , are still below their 200-DMAs. In addition, the S&P 500 had crossed back above its 200-DMA three times, in mid-October, early November and early December, but the failure to sustain those gains led to the sharp dive in early December.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
February 12, 2019 13:51 ET (18:51 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.