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We’re seeing very bullish price action lately.
The S&P 500, the Nasdaq, and the Dow are all retesting resistance levels and moving to the upside.
Of course, this doesn’t mean that a bull rally is guaranteed.
It’s still too early to tell which way the market will go.
But using technical analysis, we can identify where the market needs to be in order to see a significant rally upwards.
Where does the market need to be?
Above the 200-day moving average.
The Bulls are Waiting at the 200-day MA
Recently, both the S&P 500 and the Dow have moved above their 200-day moving average.
Here’s the S&P 500…
The S&P 500’s 200-day MA is $4,451.76 - it’s the dotted green line.
I’m waiting to see if the market uses this as the new support level.
Same thing with the Dow…
It’s currently testing its 200-day MA, the $34,687 price, as its new support level.
Although it’s still too early to tell, if the market continues bouncing off this number, it is a very strong sign we’re headed to the upside.
The Nasdaq 100 is still trading below its 200-day MA…
But I like what I’m seeing and will keep you updated with current market movement.
The $VIX is Headed Below its 200-day MA
While I’m waiting to see if the market moves above the 200-day MA…
I’m also waiting to see if the $VIX drops below it.
The chart looks promising…
Currently, the 200-day MA is at 20.60.
But we need to keep in mind that the $VIX went up as high as 38 before beginning its descent.
So we’re not completely in the clear yet.
As usual, I’m showing Stock Navigators how to stay on the profitable side of volatility.
Whether things get better or worse, we’re positioning ourselves for big gains.
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