S&P 500: 3rd Rejection at 50DSMA, 1625-35 TL Support Just Below
SPX closes 15 points below its 50-Day SMA, finishing its fourth session beneath the widely-watched moving average. Monday, Tuesday and now Wednesday's candles feature consecutive failed attempts to retake the 50-Day.
This 50-Day break does NOT have the flippant "buy the dip" tone of the previous 5 tests since the November 2012 low
(reflexive 06/20/13 post-"Pseudo-Hawk" Bernanke Q&A breakdown aside). Proximity maintained to the 50-Day and rising trend support just below is pro-trend continuation, while inability to close the deal to retake the 50-Day on 3 occasions in a row is a concession to the bears. Attention now turns to rising trend line support off the November 2012 low between 1625-1635.
This 50-Day break does NOT have the flippant "buy the dip" tone of the previous 5 tests since the November 2012 low
(reflexive 06/20/13 post-"Pseudo-Hawk" Bernanke Q&A breakdown aside). Proximity maintained to the 50-Day and rising trend support just below is pro-trend continuation, while inability to close the deal to retake the 50-Day on 3 occasions in a row is a concession to the bears. Attention now turns to rising trend line support off the November 2012 low between 1625-1635.