(PRO Views are exclusive to PRO subscribers, giving them insight on the news of the day direct from a real investing pro. See the full discussion above.) The ability of the S & P 500 to hang on to its 20-day moving average after the downdraft Friday and recovery Monday is critical for the stock market’s short-term outlook, according to New York Stock Exchange insider Jay Woods. Stocks on Friday closed below their 20-day moving average of 6,667 for only the fourth time since mid-April. “Will the old support level become resistance, and take that next step lower or sideways?,” Woods asked before the market opened Monday. Ultimately, the S & P 500 on Monday recouped more than half of Friday’s pullback and closed at 6,655. (Watch the full video above.) For now, if the 20-day moving average level isn’t retaken soon or stocks continue their pull back, Woods said he will next look to see whether or not the market holds its ground above the S & P 500’s 50-day moving average. Another signal traders will watch this week is the CBOE Volatility Index , which briefly spiked as high as 22 on Friday. Stocks started Friday at record highs before President Donald Trump’s social media message threatening China with higher tariffs in response to limits on exports of rar …
