Stock Market Today: 200-Day Moving Average Gets in the Way

The stock market rally hit a brick wall over night after the S&P 500 tested its 200 day moving average.

This could prove to be formidable resistance for market bulls.

We are near-term overbought, but the rally has been constructive. Will that lead to some backing and filling here?  We discuss this and more – below are the highlights from today’s video:

–  S&P 500’s 200-day moving average looks like major resistance (bolstered by volume).

–  Long-Term breadth is currently constructive.

–  Short-term breadth is currently extended.

Stock Market Today Video – February 7, 2019

Twitter:  @DanRusso_CMT

Author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

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