The major US indices are trading near their session lows:

S&P held resistance against the 100 hour MA

Of significance from a technical perspective, looking at the S&P hourly chart above, the run to the upside yesterday reached up to the falling 100 hour moving moving average (blue line in the chart above). The price closed just below that MA level.

With the index closing near the key 100 hour MA, today's price action would've been a key barometer from a technical perspective. Move above would be more bullish. Stay below would be more bearish

What happened?

The S&P price gapped lower at the open, and the selling was on, and has continued progressively lower (3 bars to the downside so far).

The price is now testing the swing low from Friday's higher open at 3964.59. The low price reached 3963.42 so far. Move below that level and traders will look to fill the gap down to 3930.09.

Taking a broader look at the hourly chart, looking back over time to the most recent April high, the price of the S&P first moved below the 100 hour moving average back on April 6.

On April 21, the price moved above the 100 hour moving average for 2 hours before failing and moving back below the level. Bearish.

Then on May 4, the price once again moved above the 100 hour moving average but only for a single hourly bar. Bearish.

Yesterday's run up to the 100 hour moving average and the subsequent fall today adds another test that found sellers. Moreover the sellers are leaning against increasingly lower levels. That is not good news for the broad index. The bears remain in firm control.

/ inflation