Low for the day stays above its 50 hour moving average
The S&P index has reached a high today of 2501.57 and a low at 2407.53. The current price is trading near unchanged levels currently near 2445.
Technically, the price for the index moved and close above its 50 hour moving average in trading yesterday. That was a minimum hurdle for buyers. Today, the low price stayed above that moving average level at 2395.04 (the low was at 2407.50). For the day the price can remain above that moving average, it would give buyers the short-term bias. Move below, and things are not looking so good for the dip buyers technically.
On the topside, there our plenty of hurdles that still remain to get the index out of the bearish woods. The 1st target would be the 38.2% retracement of the March trading range at 2550.28. Above that and the falling 100 hour moving average at 2582.98 (and moving lower) will be targeted.
For now, the market is battling between buyers and sellers and we trade near the middle of the range and near unchanged levels. You get the feeling that there will be a bigger move one where the other though.
