Price has only closed below its 50 day moving average on two separate occasions in 2021.
The S&P index is currently trading down -75 points or -1.72% at 4252. The low for the day reached 4239.82. That low tested its 50 day moving average at 4240.02, but has found some modest bounce off of that moving average level.
The price of the S&P has only closed below the rising 50 day moving average two days in 2021. The price has traded below the MA line about 10 times (including today) for all of 2021. Closing below that moving average level today would tilt the bias more to the downside for the broad index. Be aware.
