Holds just above the 100 hour MA. Key barometer.
The S&P index trading at session lows and in the process is testing the 100 hour moving average currently at 2479.97. The low for the day just reached 2480.32. A move below that moving average could lead to further downside momentum with the 38.2% retracement of the move up from the March 23 low at 2469.47 and the 50% retracement of that same move higher at 2416.46 as the next downside targets.
The 100 hour moving average will be a key barometer for both buyers and sellers. Hold support and we could see a rotation back to the upside. The 50 hour moving average currently comes in at 2515.93. A move above that level would be the next upside target. A break below is more bearish.
For the Nasdaq index, the 100 hour MA is down at 7343.622.