although the S&P index is still down over 1% on the day, it is crawling back higher. The low for the day reached 3070.33. We are currently trading at 3081.62. The high for the day was up at 3087.41.
The move back to the upside as the pair retesting its 200 hour moving average at 3082.43. The current hourly bar moved to a high of 3084.03 but has rotated back to the downside. If there is to be more of a corrective move higher, getting and staying above that 200 hour moving average is imperative. Right now, the sellers are more in control.
The last time the price fell below its 200 hour moving average wasback on October 14. Yesterday, the price closed just below its 100 hour moving average up at 3115.03 today (blue line in the chart above.
Taking a look at the NASDAQ index, it's 200 hour moving average comes in at 8439.58. The price low today reached 8435.40 before bouncing higher. Unlike the S&P, it's price action has remained mostly above the 200 hour moving average today (green line in the chart below).