The index has not been below the 100 hour MA since October 10th
The S&P tumbled to new session lows off the latest US/China headlines. However, although the price fell below the 50 hour MA with some momentum (the white MA line at 3105.17 currently), the price of the index could not extend below the 100 hour MA (blue line) currently at 3089.98. The low for the day stalled at 3091.41 so far.
The price has moved back up to retest the 50 hour MA. Will sellers come in against that level or do the buyers still love it and look at any dip - no matter what - as a level to buy.
The 50 bar MA will be a key intraday test on the correction higher.
PS. The Nasdaq chart is very similar. A move below the 50 hour MA,but stalls ahead of the 100 hour MA at 8467.31.
