S&P 500: Holding above the 20-day moving average - BBH

The S&P 500 closed marginally lower for the second consecutive week and during those two weeks, the benchmark has lost less than 0.5% while holding above the 20-day moving average found a little below 2422.  

Key Quotes

“The technical indicators (RSI, MACDs, and Stochastics) have turned down, warning of near-term downside risks.  We wonder if into the end of the quarter; there is not some more profit-taking in equities, where the market is up in H1 what it was up for all of 2016 (~9%). However, an informal survey and anecdotal stories suggest that the way many global equity managers made money in H1 (unhedged Europe, EAFE,  and/or emerging market equities) was how they expect to make money in the new quarter.”