As of early Tuesday afternoon, the S&P 500 had very nearly wiped out all of its gains since President Trump’s Nov. 5 electoral victory, according to Dow Jones Market Data.
Fortunately for investors, the index appeared to bounce above its 200-day moving average, considered an important resistance level by technical analysts. Some are now wondering whether this signals the all-clear for investors to pile back in — or if another test might be in store.
At 5,804 in recent trade, the S&P 500 remains within 100 points of its 200-day moving average, according to Dow Jones data. The average currently stands at 5,725.80.