One key characteristic of the tone in equity bull/bear markets is price action around the 200 daily moving average, this will help as visual guidance to determine which side is the trend favouring
The equity benchmark has seen only 12 sessions below the long-term average so far this year. Risk on trading pushed the index higher since mid-January, the YTD high was set in the early days of February
Risk assets have given ground since then. The S&P 500 Index traded to gain 9.6% on its best levels this year, pulling back to close below the 200DMA is now setting the index at less of a 1.0% gain YTD

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