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By Michael Gable  US share markets have had a rough couple of sessions and this has seen the S&P 500 Index come back to the 50-day moving average. It tends to respect this level fairly well, so it will be interesting to see what happens tonight – whether it bounces off that level, or falls through it. Clearly, a break under that would be a negative for markets so our advice is to keep an eye on what happens tonight. It may well bounce off that, so it is too early to get bearish, we just need that extra day or so to see how it trades. Domestically, the S&P/ASX 200 Index is likely to breach that today. It has been trading sideways for the last several weeks but all the while it has remained in an uptrend. Price action in the next day or so again will therefore tell us whether to become bearish on the local index or not.

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