Did The Stock Market Finally Kill Technical Analysis And Moving Averages Once And For All?

Here’s a chart courtesy of the Mad Hedge Fund trader. As you can see, the S&P 500 smashed decisively through the 50-day moving average, a level that had offered some kind of “support” during the run up.

But look, we’re rallying again. We haven’t (yet) had some gigantic breakdown, as technicians might have guessed.

chart

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.