Key Moving Average Crossover in the Market Today
Posted on Friday, May 27, 2022 at 11:44 AM
Dan Passarelli, CEO - Market Taker Mentoring
There was a key moving average crossover in the market today in the S&P500. The SPY ETF crossed above the 20-day moving average. Because the 20-day MA represents the trading for roughly a 1-month period, that is a key market strength indicator that often leads to follow through continuing in the same direction. This is not necessarily a market reversal predication. But more of a short-term trading potential opportunity. After several weeks of the US stock market trading lower on the week, there's a reasonably good chance the market may end up trading higher on the week this week.
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