S&P 500 tests 12-month moving average

With the May decline, the S&P 500 tested the rising 12-month moving average for the first time since breaking above in July. Also notice that MACD (5,35,5) turned positive for the first time since the first half of 2008. The bulls are in good shape as long as MACD is rising and SPX holds its 12-month SMA.

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