More than half of big caps below their MA

howdy folks from Beijing !

On March 20th we had observed in one of the posts that “S&P 500 solidly gave up the 50 Day MA under a clear gap down . Very close to 2700 support The 2800 was a solid resistance. Time to get in sidelines ”

This week Tuesday’s powerful move was masked amid the higher volatility. The Nasdaq and S&P 500 printed price bars that were actually smaller than several others in the past many days.

The March 27 high was easily today in nasdaq

But the S&P 500 is at a critical March 27 and April 5 highs.

Both are below the 50 day SMA ..

2660 is a critical test for S&P (1st chart below ) the advance decline line for S&P is flattening .. volume for S&P has steadily backed off

7050 is critical support for nasdaq

Sidelines for now.. let it play out further

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