The S&P index is trading near lows for the day at their -27.7 points or -0.47% have 5723.90. The low price has reached 5722.27.
Looking at the hourly chart, the price is currently testing its 50 hour moving average at 5722.42 (black moving average line in the chart above).
A move below that level would then target the rising 100 hour moving average of 5710.68 (blueline on the chart above).
Recall that on Friday, the low price for the day bottomed right near that 100 hour moving average and moved higher. Staying above that moving average.
These moving averages are close support. If the 50 hour moving average can hold support, that is more bullish, but I would also give control to the buyers if the 100-hour moving average can hold especially after testing that moving average on Friday and finding support buyers at the level.
Sellers are pushing but pushing into support. The question going forward is can they push through support?
This article was written by Greg Michalowski at www.forexlive.com.
