27.02.2020 16:14:03

S&P 500 breaches 200-day moving average--key bearish line in the sand--for first time in 9 months amid coronavirus rout

The S&P 500 index tumbled 2.4% Thursday morning, pushing the broad-market benchmark below a key long-term line in the sand that traders use to determine bullish and bearish momentum. The S&P 500 was last trading at 3,043, below its 200-day moving average at 3,046.91, according to FactSet data. The index was last below its 200-day in May. Market technicians sometimes view a breach of a long-term moving average as a sign that a lengthy bullish trend may be unwinding. The decline for the S&P 500 comes as the market has been under severe selling pressure all week at least partly due to the spread of COVID-19, the infectious disease derived from the novel strain of coronavirus that reportedly originated in Wuhan, China and has infected tens of thousands of people throughout the world thus far. The spread of the disease is sparking worries about disruptions to supple chains and economies world-wide. The Dow Jones Industrial Average has already breached its 200-day MA this week, while the Nasdaq Composite Index stands well above that long-term level at 8,388.88. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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