Daily View: S&P 500 Near a Turning Point

With the major indices retracing some of their recent gains from October, significant moving average support levels are near at hand again. The 125 moving average, around 2050, should provide some near term support, and an attractive entry point for the bulls.

S&P 500, daily

S&P 500, daily

Conversely, a move decisively below 2050 would be a good signal to take off exposure in the event of further retracement.

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