Ever since recovering from the pandemic lows last year, we have seen the SP500 retreat and test its 20 week moving average (Middle Bollinger) on various occasions. Every attempt has been supported by the market. While there is very apparent macro risk which lingers, on a technical view it looks very much of the old same. Should we break below this 20 week ma then you can with more confidence say the trend has changed. The 20 week sma has been a golden level of support for the SP500 and we shall see if it manages to hold up again and attempt a new rally into year end.. (as they say.. 'the trend is your friend till it bends')
"If you do what you love, you'll never work a day in your life" - Marc Anthony