S&P 500 drops back below 5600
Gains have stalled over the past week, with the S&P 500 index struggling to push on above 5630 before slipping back below this level yesterday.
After the impressive bounce from the August lows such consolidation is not surprising. While it has created a lower high from the July record, for the moment losses are limited. A close below 5500 and the 50-day simple moving average (SMA) might signal that some more weakness is ahead.
Alternately, a rally back above 5630 would put the price back on course to test the July highs.
