SPX S&P 500 Stock Index

The S&P 500 Index (1215) is hanging on by its fingernails above its 200-Day Moving Average, which is at 1199 as I write. It has bounced off this moving average on two earlier occasions since mid-year.

The longer term pattern remains in an uptrend, and is gradually losing momentum as the months roll on.

While there is nothing to prevent another bounce from the 200-Day Moving Average on the short term, I will feel more comfortable when we have moved below it to the 1150 area.