Drama in S&P Charts as the Index Closes In on the 200-Day Moving Average
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U.S. stock traders looking for a bottom are staring at a pair of chart indicators that coincided with past rebounds.
The Standard & Poor’s 500 Index closed Monday at 2,057.64, falling within 0.2 percent of its average price over the last 200 days, or 2,053.51. The gauge’s relative strength index, which measures the speed of swings, slipped below 35.5, the lowest reading since December. Technical analysts consider 30 a point where rallies are likely to materialize.