SPX500 (Daily) trading sideways and below the 50 SMA
SPX500 (Daily) has been trading sideways and below the 50 SMA. Price halted it advance without tagging 2200, then fell sharply to the 38.2% retracement of the previous up swing. The uptrend that started February 11 2016 is still in tact since price has not broken any significant swing low. Currently most of the price action is contained within the bearish candle created September 9 2011.
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