Fom the Finnancial Times
Despite a drop that dragged the S&P 500 as much as 8.2 percent below its three-year high hit in early May, the index held above its 200-day moving average — a major line in the sand as the bulls and bears battle for control of the market.
The slide had been telegraphed for weeks and the market’s by-the-book performance — pulling back to a widely followed level — seems too well choreographed for some analysts.
“The fact that we went to the 200-day … seems just a little too perfect,” said Marc Pado, U.S. market strategist at Cantor Fitzgerald & Co in San Francisco.