If the SPY can decisively close above the 200 day moving average, I think the Equity Markets will have a short term relief rally into the 1340/1350 range on the S&P 500.
There have been many false "breaks" of the 200 day moving average. Last fall and winter, SPY closed above its 200 day moving average several times only to fall back a day or two later. Often, it takes several days above/below the moving average to confirm a break. Additionally, a decisive break of more than .5% is usually enough to confirm the breakout.
This information is neither an offer to sell nor a solicitation to buy securities. Forecasts, estimates and opinions stated are my own and the data presented is for educational purposes only. Investments involve risk unless otherwise stated. Past performance is not a guarantee of future results. Be sure to first consult with a qualified tax and/or financial adviser before implementing any strategy discussed.