After trading below its 200-day MA for most of the day, the S&P 500 (SPX) has rallied and now trades at 1,117, two points above its 200-day MA of 1,115.
Will the S&P be able to hold this key level? Many traders believe you should "buy the dip" as long as the market holds its 200-day MA and closes above it.
Also, investors may be positioning themselves for quantitative easing part two after the weak labor report today. The materials sector is outperforming today perhaps in anticipation of further dollar weakness due to accomodative FED policies. Freeport-McMoRan FCX and U.S. Steel X are higher by 0.49% and 1.08%, respectively.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in