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