Often the 50 and 200 day moving averages serve as support and resistance depending on if prices are above or below, respectively. Now, we are seeing the S&P 500 stalling at the 50MA for the third time begging the question: will we bounce off it again?

I've circled the three times the S&P has bounced off the 50MA.

We are now up to three sessions closing right on the 50MA. While volume is still below average, we have seen an increase as of late.

To answer the question posed above, I don’t think we will see any further rally above the 50MA for the mean time. My reasoning is the decrease in volume as stocks moved higher shows a lack of buying to propel things any further and a relative increase as stocks reached the moving averages, usually signaling a reversal.

Earning season is upon us though, so some unexpected positive data could be the catalyst to bump the market higher and on top of resistance.