S&P 500 resistance of 3,400 will be the next milestone to reach, buying opportunity if your bullish occurs when price retraces back down to SMA 30. A test below SMA 60 would naturally test the commitment of a lot of bulls and embolden bears.
— The major averages are trading mixed and little changed amid a lack of conviction. Buyers are presumably tired after the strong gains in February, while sellers remain sidelined given the strong tendency in the market to bounce back from any weakness.—In key corporate news, Morgan Stanley (MS 55.03, -1.26, -2.2%) will be acquiring E*Trade (ETFC 56.79, +11.85, +26.4%) for $13 billion in stock. MS was downgraded to Equal Weight from Overweight at Wells Fargo following the news. —Interestingly, investors continue to assume some defensive positioning in bonds (10-yr yield is down four basis points to 1.53%) and gold ($1619.50/ozt, +7.70, +0.5%). The U.S. Dollar Index is up 0.1% to 99.78.—Copyright (C) 2020 Briefing.com
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