S&P index moves closer to its rising 100 hour moving average

The major US stock indices remain in the red and are moving back toward the lows for the day. For the S&P index, its low price today came in at 4343.64. Its current price is at 4346.30 down -35.24 points on the day or -0.80%. The low price is approaching the rising 100-hour moving average (blue line in the chart above). That moving average currently comes in at 4339.63.

The last time the price of trade below that 100-hour moving average was back on May 25. Moving below that moving average – and staying below – would increase the bearish bias. Another target to get below would be the swing high from June 9 that level comes in at 4322.62. Move below it and it opens the door for further selling probing in the short term from a technical perspective.

PS. The NASDAQ index is also testing its rising 100-hour moving average today. That moving average currently comes in at 13446.81 currently. In the 1st hour of trading today, the price dipped briefly below that moving average to a low of 13442.65 but quickly rebounded. The NASDAQ index has not closed below the 100-hour moving average since May 4. Moving below, opens the door for further downside probing in the Nasdaq. The NASDAQ index has been up for 8 consecutive weeks. This week the index is on track to close lower. The index is currently down -1.43% which is the largest decline since March 8 week.

This article was written by Greg Michalowski at www.forexlive.com. Source