Daily Market Commentary: S&P Resistance at 50-day MA
![Image](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgeh_ZsA68xdQljm0vqp-njFHV254F-hH6CTVdsPyGorvqwe5c3MyPkC4rCK4SUe5n16QG5x5bfcc5NeM26tINtaevaAaDVIGIUYRMT5-T0YFJigZFkN1YZTnpi4_j4YFWNKTpK/s640/SPX_Dec3b.png)
It was going to happen at some point, but sellers made an appearance after a strong upward swing from the November swing low. Resistance played out at the 50-day MA, but selling volume was below average, and below Friday's higher volume accumulation. Technicals also turned net bullish by the close of business. It was a similar story for the Nasdaq. Technicals also turned net bullish. Helping out the Nasdaq was the net bullish turn in the Percentage of Nasdaq Stocks trading above the 50-day MA. This breadth index is usually the first to turn bullish, but the rally for November is substantial, increasing the probability for a decent Santa Rally. The Russell 2000 also experienced net bullish technicals. Like the S&P and Nasdaq, it encountered resistance at its 50-day MA; but this resistance also corresponded to horizontal resistance. As a result, there may be more selling pressure for this index than for the aforementioned indices. I'm still liking a