S&P 500 Falls to 100 Day Moving Average

Finally the lows of last week at 1311-1312ish have been broken, and the S&P 500 now sits right at its 100 day moving average.  This was the level that held in mid March, other than 1 session which if memory serves was in reaction to the Japan situation.

Generally these key supports don’t break on the first test.  Again, I expect the news flow tomorrow morning to be the big driver – up or down.  Coin flip at this moment which way it goes, but short of such market moving news the trend is not good.

About Mark Hanna 542 Articles

Affiliation: Hanna Capital, LLC

Mark Hanna is President and Owner of Hanna Capital, LLC, a registered investment advisory firm. Mark has been a follower of markets since the late 80s, with a focus on individual equities since the mid 90s. He has been a well known commentator in the financial blogosphere for the past 5 years, following a career in corpoporate finance and accounting. Mark attended the University of Michigan where he graduated with a degree in Economics.

As an avid reader, Market Montage is the personal blogging site for Mark to share his views on economics, markets, and the like. Occasional cynicism and wit shall be deployed in his postings.

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