‘Golden Cross’ Seen as S&P 500 Buy Signal to Heed: Chart of Day
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U.S. stocks are poised to send a buy signal worth heeding, according to John Spinello, chief technical strategist at Jefferies Group Inc.
The indicator, known as a golden cross, is triggered when the Standard & Poor’s 500 Index’s average close for the previous 50 trading days surpassed the average for the last 200 days. The 50-day moving average was only about seven points away from this milestone as of yesterday’s close.