Note, since the S&P 500 broke the 333 day MA in late May that it has only closed below this vital moving average in 2 or 3 sessions, and these all occurred in a cluster back in April of this year, with that said, there's never been 2 consecutive closes below the 333 day SMA... with that said...
We are nearing this important average here and it BEARS watching!!!
2 closes in a row, and we have our conviction...
And while we're at it, back in October of 2000 when this average broke with conviction for the first time since the great shakeout of late-summer/early-fall of 1998... better yet it all happened in the same week (Oct 9-13/2000):
A Monday high of 1409.69 to a Friday low of 1326.81, -5.88%
On October 3rd of 2000, the Nasdaq Composite managed to blast through its' 333 day moving average which was roughly at 3570, by October 12th (just less than 12 weeks later), it was at 3075, that's a killer loss of -13.87% or a gain of umpteen percent if you're playing the right side of the market!
Anyways, onward ho!!! to the charts...
1172.34 is where the average stands at the moment, we are a measly 12 pts away from it!!!>>>
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