Moving Average Math Is Firing Bearish Signals at S&P 500: Chart

The Standard & Poor’s 500 Index is up against two technical resistance levels and a bearish indicator that may halt its rise after one of the fastest rallies in recent years. Up as much as 12 percent in the past four weeks, the index is testing its 200-day moving average and a short-term trend line of lower highs that began in November. More troubling: About 90 percent of the index’s members are trading above their 50-day moving averages, a level that has repeatedly preceded dips.

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