Downbeaten S&P 500 energy sector throws off bullish 'golden cross' signal

Downbeaten S&P 500 energy sector throws off bullish 'golden cross' signal

© Reuters.  © Reuters.

(Reuters) – A bullish technical signal was being given by the S&P 500 energy sector on Wednesday, when the 50-day moving average for the industry index rose above the 200-day moving average, forming what chartists label a "golden cross."

While the index is up 4.6% in December, it remains on track for the biggest yearly collapse on record and it is the worst performing of the 11 S&P 500 industry sectors. It is down almost 38% year to date with one trading session left in 2020.

The benchmark S&P 500 index is up 3.2% for December and 15.7% for the year.

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