Can The S&P Reclaim Its 200-DAY MA? (SPX, FCX, X)

After trading below its 200-day MA for most of the day, the S&P 500 (SPX) has rallied and now trades at 1,117, two points above its 200-day MA of 1,115.

Will the S&P be able to hold this key level? Many traders believe you should "buy the dip" as long as the market holds its 200-day MA and closes above it.

Also, investors may be positioning themselves for quantitative easing part two after the weak labor report today. The materials sector is outperforming today perhaps in anticipation of further dollar weakness due to accomodative FED policies. Freeport-McMoRan (NYSE: FCX) and U.S. Steel (NYSE: X) are higher by 0.49% and 1.08%, respectively.