US equities return to their gains

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US equities return to their gains
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Major U.S. stock indices repay their gains.

Lasting gains in US equities are hard to come by these days. One of the reasons is a him him him him him him him him him

The S&P index is approaching the 200-week moving average

Of course, what one thinks may not turn out as planned. Therefore, it is important to listen to the technical story. For the S&P index, I focus on the 200 week moving average at 3589.60 (see the green line in the chart above). The low price reached 3614.54 today.

A move below the 200-week moving average would tilt the longer-term bias further to the downside. Without it, and buyers are still technically in play.

Where we are now, it would take about 50 points down from the close to push the price below this level today. Can this happen? Sure. Regardless, going forward, this 200 week moving average will continue to be watched by traders for longer term bias cues. Moving below increases the bearish bias. Stay above and buyers cling to hope for a corrective bounce.

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