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This market continues to show resilience, but there’s also a lot of selling pressure. Technical support could see another test today, but the question is whether “buy the dip” will happen again.
Share: Last week, Thursday featured a comeback after days in the red. Can it happen again? After a mostly unimpressive overnight session, the major indices started clawing back ahead of the open. It’s amazing how resilient this market remains. The question again is whether the 50-day moving average in the S&P 500 Index (SPX), now near 4080, can continue to hold. There was a nice bounce off of that late yesterday, and it possibly reflected a “buy the dip” mentality that for some investors has paid off again and again in recent years. That doesn’t mean it will keep working, obviously...