All five major equity averages are above what’s called a “golden cross,” which occurred when the 50-day simple moving average crossed above its 200-day simple moving average, indicating that higher prices lie ahead. Traders buy weakness to a value level that is below the current market price. Traders reduce holdings on strength to a risky level that is above the market price. A pivot is a “magnet,” which was once a value level or a risky ...
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