For all of the quants and technical traders, nearly 87% of the S&P 500 stocks were above their moving averages on April 30, down from over 92% at the close of the previous week. To the extent that this is an issue, and to most sane traders it is not, the index is likely to go lower this week as Greece and the Deepwater Horizon incident break the back of the multi-week rally. 
Moving averages will have nothing to do with that. Douglas A. McIntyre
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