SPX Turn May Gain Momentum Below 200-Day SMA

After a six-week rally, the S&P 500 has stalled short of record highs and made the unfavorable move of breaking its rising wedge formation. Now out of its bullish current and with a big range ahead of it, we have the 200 and 20-day moving averages just below. If it breaks, expect more of the medium-term swing bulls to fold.