The story is mixed
Looking at the S&P chart below, the price today gapped below the 50 hour and the 100 hour MA. The index price approached the 200 hour MA, but stalled a safe distance above.
The run higher has retested the 100 hour MA at 2923.57. The high reached 2924.14. Close enough. We trade at 2922 currently. If that 100 hour MA can be broken to the upside, that would take more of the bear out of the market. The 50 bar MA at 2934.52 would be the next target. Getting above it would erase even more of the bear out of the move lower today.
Looking at the Nasdaq, the pair is already above its 100 hour MA at 8070.187. That muddied the water at the move above, and then price moved toward the 50 hour MA at 8110.297. The high so far has moved to 8101.75. There is work to do although the price stays above 100 hour MA.
So waters are clearer and looking more hopeful, but the technical waters remain a little murky.
Can the broad indices get out of the murky waters and become more bullish clear? The lines are set for each of the indices.
