The S&P index is currently testing its 100 hour moving average at 3.113.58. The price is trading just below that level at 3112.40. Recall from the last the dips back on November 20, November 21 and November 22, the price approach that 100 hour moving average only to find dip buyers. The dip today below the moving average is the 1st time below that moving average since November 10.
If momentum can develop, that could lead to more selling pressure in the index with the 200 hour moving average at 3078.95 a downside target. Before that will be the November 20 low at 3091.41.
Looking at the NASDAQ index, it too has dipped below its 100 hour moving average at 8548.62. The low for the day has extended to 8540.77. And we currently trade at 8542.51.
Bulls and bears are at a crossroad. Moves below the 100 hour moving average would tilt the bias more to the bearish side.