The S&P 500 ETF (SPY) broke below its 50-day moving average on Monday, but moved right back above on Tuesday. This moving average held from December to early June. SPY broke below in late June, but quickly recovered and recaptured the moving average. It looks like another battle is taking shape as SPY bounces at this key average for the fourth time since December.
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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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