100 hour MA at 3912.06
The S&P opened and immediately we went to the downside. The low for the day reached 3885.03. That was just above the swing low from February 10 at 3884.94.
There was buying against that low and the price has drifted higher and back toward the highs and resistance against its 100 hour moving average. That moving average (blue line in the chart above) currently comes in at 3912.06. Just above that level is the 50 hour moving average at 3915.85.
If the buyers are to take back control, getting back above those moving averages is required. However, sellers are likely to lean against the levels at least on the 1st test. If the price stayed below, the sellers should return and push the price back down for more downside corrective probing.
Get back above the moving averages, and the threat to the downside starts to ease up once again.
