Rarely do broad indexes hit the 200 SMA weekly average and linger/consolidate around it for long nor does it break through below it with the exceptions of major catalysts say a major default in banking/in any industry.
The chart says it all, with the current price being at the lowest point of the value area for the past 1-1.5 year and price hitting the 200 SMA weekly, we might expect to see a price rally to happen in the following months.
The chart says it all, with the current price being at the lowest point of the value area for the past 1-1.5 year and price hitting the 200 SMA weekly, we might expect to see a price rally to happen in the following months.