As shown in the candlestick chart of the S&P 500 below, the index tested and then failed at its 50-day moving average resistance this morning. After a gain of nearly 20% off of its lows, the index is experiencing a bit of a pullback today. The 50-day is right at the 800 level for the S&P, and if the index can eventually break through it, it will then act as support instead of an upside barrier.
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