S&P index tries to extend above 100 day MA
The 100 day MA is at 2710.95. The 200 day MA is at 2741.51
The S&P index is trading up about 9 points or 0.33% at 2713. That has the price above the 100 day MA at 2710.95. and near the 61.8% of the move down from the September high at 2713.88. The high today did reach 2716.66 but stalled.
A close above the level would be the first close above since October 10th. The price has gotten close to the level on a few occcasions in October, November and a lesser extend in December. This is the best shot at closing above.
On a close above the 200 day MA looms not far away at 2741.51.
It is tough to move above a MA on the first test of a key MA in nearly 4 months -especially after a 15.7% run from the the December 26 low (that is not that long ago). That is what makes today's test important. Traders can lean, take some off the table, look for a correction to reload. If the price goes higher, they can get back in. That's what makes these technical levels so important - and hard to crack.
PS the Nasdaq is also trading above and below its 100 day MA at 7281.77. It trades at that level as I type.
Corrections can sneak up on you. Key technical levels tend to give traders cause for pause. The 100 day MA on both the S&P and Nasdaq are key levels.