S&P 500 continues retreat from 200-day moving average

Technical Analysis

Stocks drop to the lows of the day

The S&P 500 is below 2700 and the 100-day moving average after this weeks test of the 200-day moving average failed.

Technicals are playing part in the market. The S&P 500 bottomed in December at the 200-week moving average and now the 200-dma has capped the rally. The trigger (or excuse) for the accelerated selling today was a comment from Kudlow that the US and China still had a “pretty sizeable distance to go” in talks.

The 55-day moving average down at 2618 is a possible retracement level to watch.

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