The S&P index is trading back in positive territory after giving up earlier gains of 25.88 points and moving into negative territory by -9.42 points.
Technically, the low price from Friday stalled within a swing area between 4325 and 4338, and rebounded modestly into the close. In trading today, the price opened and moved higher taking the index up to session highs in the 1st hour of trading, but buyers turned to sellers, and the index moved lower and back into negative territory.
The last hour or so has seen a rebound back higher in the index. It is currently up around +9 points on the day.
Technically, in the short term, the bounce off the swing area gives hope for buyers against that level (see red numbered circles). However, if the buyers are to take back more control, they would need to get above the falling 50-hour MA (black line) currently at 4427.85 (and moving lower), and then above a swing area for 4448.47 – 4458.48. Absent that, the sellers are more in control and winning in the short term.
This article was written by Greg Michalowski at www.forexlive.com. Source