Anxious bulls are waiting in vain if they are waiting for the U.S. stock market to break above its 200-day moving average. I say that not because I somehow know that the market will fail to close above its average level of the past 200 days. My point is that, even if it does, it will carry no particular bullish significance.
The significance of the 200-day moving average is on stock traders’ mind this week because the market’s powerful rally over the past two months has brought it to within …