For example, the S&P 500 index finished Thursday below its 200-day moving average for the first time since April 2, after going 134 days without breaching that long-term bullish line in the sand. The S&P 500 SPX, gave up 57.31 points, or 2.1%, to 2,728.37 on Thursday. Market technicians use moving averages as the demarcation between bullish and bearish momentum in an asset.


he warned that "it's the longer term that we're more concerned about now given the technical breakdown we've seen. Expect a rally soon, but don't go loading up on cyclicals with the expectation that the pain is over once we bounce. There is likely more volatility to come in the weeks ahead."

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