S&P 500 peeks above its 200-day moving average for first time in 10 weeks

The S&P 500

SPX, +1.41%

rallied 1.4% in afternoon trade, to peek above the widely watched 200-day moving average (DMA) for the first time on an intraday basis since Dec. 4. The 200-DMA, which many chart watchers view as a line that separates longer-term downtrends from uptrends, currently extends to 2,743.36, according to FactSet, and the S&P 500 is currently at about 2,746. The last close above the 200-DMA was Dec. 3. On the bullish side for technicians, the 200-DMA line has been rising since Jan. 29, and breaking above a rising line is viewed as more bullish than hurdling a declining line. Also on the plus side, the Dow Jones Industrial Average

DJIA, +1.61%

has closed above its 200-DMA every day since Jan. 30. Meanwhile, the indexes that led the late-2018 broader market selloff, the Russell 2000

RUT, +1.12%

and the Nasdaq Composite

COMP, +1.47%

are still below their 200-DMAs. In addition, the S&P 500 had crossed back above its 200-DMA three times, in mid-October, early November and early December, but the failure to sustain those gains led to the sharp dive in early December.

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