The most widely watched technical indicator continues to work like a charm.
Over the past 3 1/2 years, the S&P 500 has managed to bounce off of its moving average whenever it has approached or dipped below it.
And now it's working once again. After dipping only slightly below its 200-day moving average in the prior week, the S&P 500 enjoyed four straight winning sessions, and opened very slightly in the green on Wednesday.
"Against the backdrop of rising macro volatility, the oldest technical indicator in the book proved to be the most prescient," Evercore ISI technical analyst Rich Ross wrote to CNBC.
Starting in 2012, the S&P 500 has bounced off of or rebounded from the 200-day moving average several times as the market's rally has pressed on.