Close below 50 day MA yesterday...Meh
The S&P closed just below it's 50 day MA yesterday. In April there were 7 or so days with closes below. In May, there was a single day with a close below the MA level. The close below the MA yesterday was more bearish, but that break failed with the price up about 16 points today. The market dodged another technical bearish bullet. The buyers are still in control on the daily chart.
Drilling to the hourly chart, the up and down choppy markets are more clear. There are lower highs going back to the high on June 19th, but there are also a lot of up and down swings. The move higher today has moved up to the 50 hour MA at 2427.13 (the high reached 2426.92 so far). Additional resistance comes in against the 200 hour MA at 2430.75 and the 100 hour MA at 2433.35. If the index is to continue higher, getting and staying above these MAs will be eyed by traders.
Looking at the Nasdaq index, the price moved below it's 50 day MA this week and still remains below despite the 70 point rally today. The 50 day MA comes in at 6165.72 and the high price today stalled at 6164.93. A move above will be eyed for the bulls to wrestle back more control from the sellers. It too has seen more up and down action this week.
