Matt's Market Insights
The two-week correction that has engulfed equity markets looks to be slowly abating. With a solid close today, the S&P 500 could retake its 50-day moving average. However, in mid-morning trading, news about renewed conflict in Ukraine has just crossed the wires and has taken most major averages from green to red.
As I mentioned Monday, I like to apply the same Dow Theory philosophy to the S&P 500 and Russell 2000 averages. Now that the service and technology sectors are larger than the industrial sector, it makes sense to find additional angles by which we can view and assess overall market action.
With that in mind, let's first look at the S&P 500. It's probably fair to say that at this point, we can consider the solid blue line as the bottom of our initial correction from new highs. This means we are now watching for two possibilities, outlined by ... Log in or subscribe to continue reading.
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