100 hour MA stalled the rally yesterday
The S&P is up about 15 points or 0.56% at 2665,.30 which is a good start for the day, but keep in mind that some key resistance is above and keeps the bears more in control.
Looking at the hourly chart, the 100 hour MA comes in at 2685.62. That MA was tested on the rally yesterday and stalled to run higher. Back on December 7th, the price did breach that MA level at the open, but the price quickly reversed.
So since December 6th, there has only been one look above that MA level and that did not end well.
If the price goes higher from the levels today, look for sellers to stall at that level with stops on a break. Right now however, although higher in the first hour, you can't really get too excited.
