S&P erases losses. Knocking on the upsides door.

Technical Analysis

Author: Greg Michalowski | sp

Trades above and below unchanged

The S&P erased a -30.28 point loss or -0.65% and has seen the price return back to unchanged on the day. The price is currently trading above and below the unchanged level (back down -2.38 points as I type). The high for the day saw the index move up 16.10 points or 0.34%.   

Trades above and below unchanged

Looking at the hourly chart above, the S&P index at the high on the current bar did retest the 100 hour MA at 4685.72. The high reached 4686.55 just above that level and backed off. 

The buyers are making a play, but so far the seller have been able to close the door before they marched through. There is a little over 30 minutes of trading.  Will the buyers be able to break through?

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