A glimmer of hope....The S&P index tests its 200 day moving average and bounces on the 1st look

Technical Analysis

Author: Greg Michalowski | sp

200 day moving average at 3047

the S&P index fell to its 200 day moving average at 3047. The low price extended to 3046.73 on early opening selling, but found buyers against the risk defining level. The price has moved off that level a bit. The level will be a key level going forward in the day. Should the price break, there could be further downside momentum.

200 day moving average at 3047
The bounce is a glimmer of hope,but understand that if the level is broken, I would expect buyers to turn to sellers.

For the Nasdaq index, the price has Below its 100 day moving average at 8814.345. The high price for the day has so far come in at 8803.45. The low is at 8724.049. The current price is and 8748. Since the June swing low, when the price last move below its 200 day moving average. The 50% retracement comes in at 8565.293. That is the next downside target should momentum continue on the daily chart. The 200 day moving average for the NASDAQ is way down at 8388.73.
 
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