10 straight closes above the 100 day MA

The S&P is toying once again with the 100 day MA. Yesterday, the MA was tested and held at the lows.

The index has been able to close above the key MA for 10 straight days. Today, the price did move below that MA line to 2707.38, but we are currently back above at 2718.45.

Technically, a move and close below would shift the bias more to the downside.

On the topside, the high from May 14 reached 2742.10. The high from Tuesday reached 2742.24. The 61.8% of the 2018 trading range comes in at 2742.92. Needless to say, getting back above that level would/should give the buyers more confidence.

So a battle is on. The 100 day MA at 2710/52 is the lower support. The 61.8% at 2742.92 is topside resistance. Get outside that trading range, and we should see further momentum in the direction of the break.

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