LIVE MARKETS-US indexes make a play to reclaim their 50-day moving average
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US INDEXES MAKE A PLAY TO RECLAIM THEIR 50-DAY MOVING AVERAGE
With Monday's strong rally, which included the Nasdaq's .IXIC biggest gain since May, the main U.S. indexes are back within striking distance of reclaiming their 50-day moving average (DMA). Finishing back above this closely followed intermediate-term moving average may add confidence in the potential for a greater recovery.
Indeed, after using the 100-DMA as a staging ground late last week, on Monday, the S&P 500 index .SPX hit an intraday high of 6,715.75 before closing at 6,705.12. Its 50-DMA ended at 6,713.21.
This put it down just 8.09 points, or 0.12%, below the moving average.
Now, in the wake of the release of what had been delayed September PPI and retail sales data at 8:30 a.m. ET, E-mini S&P 500 futures EScv1 are little changed. In any event, bulls will want to see the SPX reclaim its 50-DMA and also take out its 6,770.35 November 20 intraday high. With this, it could begin to turn the tide in terms of the pattern of declining peaks and troughs from the October record high.
In the event of a failed push higher, attention will quickly turn back to support. The November 7 and November 18 lows were at 6,631.34 and 6,574.32.
The rising 100-DMA should be around 6,555 on Tuesday, while the October 10 low was at 6,550.78. The November 21 trough was at 6,521.02.
Meanwhile, the Nasdaq ended Monday just 19.84 points, or 0.09%, below its 50-DMA, while the Dow .DJI finished 218.04 points, or 0.47%, below its 50-DMA.
(Terence Gabriel)
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