S&P moves down to test its rising 100 hour moving average

Looking at the S&P 500 index, it is down by -59.03 pointer -1.02% at 5702.88 . The low price for the day extended to 5681.28. The high price is at 5757.73.

On the downside, the rising 100-hour moving average comes in at 5675.06. So the low price at 5681.28, got within about six points of that moving average. Going forward it would take a move back below the 100-hour moving average to tilt the technical bias to the downside.

The 200 hour moving average comes in at 5617.18 and would be a another downside target on further selling and would be needed to increase the bearish bias from a technical perspective..

The NASDAQ index is the worst performer with a decline of -334.10 points or -1.84% at 17854. It’s 100 hour moving averages at 17857.42. The price is currently just below that moving average. Staying below would have traders targeting the 200 hour moving average at 17631.93.