Will the 200MA be the saving grace for the market once again?

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by bigbear0083

Just wanted to put this out for discussion.

Thursday was only the 3rd time over the past 2 1/2 years that the SPX (S&P 500 Index) closed under the daily 200MA.

It managed to close above the 200MA on Friday (albeit just barely).

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As illustrated in the chart above, this longer term moving average has acted as support every time since BREXIT.

Begs the question if this will be supported once more from here.

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However, a convincing break below this could be pretty damning for the market.

NOTE: This is simply just an observation. Not the be-all and end-all indicator.

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