Down over -2.three% on the day
The S&P index has moved to a brand new session low and trades down -60 factors or -2.39% at 2450. The autumn has taken the worth under its 50 hour MA at 2453.62. The highs yesterday received near the 100 hour MA at 2520.59, however couldn’t get above that concentrate on. The value additionally stalled on the 38.2% retracement of the December transfer down. That stored the sellers extra in management. I wrote concerning the significance of that space in a put up yesterday (CLICK HERE).
As I kind, the worth is buying and selling above and under the 50 hour MA. So there’s a stall across the stage. We sit on the fence right here however the maintain under the important thing ranges yesterday nonetheless looms massive. To right the minimal and keep under the 100 hour MA/38.2% retracement ranges, retains the bears extra in management. The shopping for was merely corrective.