By: Tom Gentile
on September 29th, 2021
After all these years of trading and investing, it is still interesting to see support and resistance at work. The 50-day Simple Moving Average (SMA) acted as a firm support for the SPY for quite a number of months. It broke that last week and hit the 100-day SMA and bounced. Bounced where? The 50-day SMA.
With the volatility in the markets, it doesn’t look like anyone wants to hold their short- term stuff overnight – can’t say I blame them.