Whether the S&P 500 can hold its 20-day moving average after Friday's downdraft is critical for the stock market's short-term outlook, according to NYSE insider Jay Woods.
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The broad market index is fast approaching its 200-day moving average, which is at 6,582.
New York Stock Exchange insider Jay Woods said the broader index will have to hold at 6,550 for an auspicious start to December.
The S&P 500 closed below its 50-day moving average on Monday. That may herald more pressure down the road.
About 65% of the stocks in the S&P 500 index currently trade above their 200-day moving average.
Another week when "It could've been worse" passes for a declaration of victory on Wall Street, as traders navigate mini-crashes…
Market technicians are wondering if the S&P 500 leadership is broad enough to push the index to record levels.
