S&P moves down to test its rising 100 hour moving average

Looking at the S&P 500 index, it is down by -59.03 pointer -1.02% at 5702.88 . The low price for the day extended to 5681.28. The high price is at 5757.73.

On the downside, the rising 100-hour moving average comes in at 5675.06. So the low price at 5681.28, got within about six points of that moving average. Going forward it would take a move back below the 100-hour moving average to tilt the technical bias to the downside.

The 200 hour moving average comes in at 5617.18 and would be a another downside target on further selling and would be needed to increase the bearish bias from a technical perspective..

The NASDAQ index is the worst performer with a decline of -334.10 points or -1.84% at 17854. It’s 100 hour moving averages at 17857.42. The price is currently just below that moving average. Staying below would have traders targeting the 200 hour moving average at 17631.93.

This article was written by Greg Michalowski at www.forexlive.com.