...the SPX 500 index closed at *1433.82, a fraction below its (still) rising 50-dsma current *1434.03 after bouncing off the 2 April 2012 High *1422.38 with a intraday Low *1422.06 in late trading - the violation of the 2 April 2012 High *1422.38 causes concern as institutional investors remain stubbornly sitting at the sidelines leaving inflowing liquidity boosts in the realm of the HFT-team - the market appears likely to continue to yo-yo until the election result becomes clear or earnings motivate institutions to take the plunge and support a market featuring a below average P/E around the *14-mark
...as a result, Closes above the 50-dsma paint a bullish inspired scenario but continued rejection at this point will see the trade delve deeper into the green zone with potential of a 200-dsma current *1373.90 challenge
Kind Regards
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