The S&P 500 index’s sharp bounce into positive territory has pushed it well above its 50-day moving average, as it moves toward the first close above that closely-watched technical level since Sept. 28. The S&P 500 was up 0.7% in midday trade, reversing an earlier loss of as much as 0.7%, and a premarket loss of as much as 2.6% for the SPDR S&P 500 ETF . The 50-day MA, which many chart watchers view as a dividing line between short-term uptrends and downtrends, currently extends to 2,145.84. The S&P 500 joins the Dow Jones Industrial Average , which has been above its 50-day MA since Monday, when it closed above that line for the first time since Sept. 8. Meanwhile, the Nasdaq Composite Index rose 0.6% Wednesday to 5,225.85, but remained just below its 50-day MA at 5,237.54.
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