  The dynamics of the S&P500 price signal is studied using a moving average
technique. Particular attention is paid to intersections of two moving averages
with different time horizons. The distributions of the slopes and angle between
two moving averages at intersections is analyzed, as well as that of the
waiting times between intersections. In addition, the distribution of maxima
and minima in the moving average signal is investigated. In all cases,
persistent patterns are observed in these probability measures and it is
suggested that such variables be considered for better analysis and possible
prediction of the trends of the signal.
