With the May decline, the S&P 500 tested the rising 12-month moving average for the first time since breaking above in July. Also notice that MACD (5,35,5) turned positive for the first time since the first half of 2008. The bulls are in good shape as long as MACD is rising and SPX holds its 12-month SMA.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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