100 hour MA and trend line is key support/bias levels for the broad index
The S&P is trading in a fairly narrow trading range with 2835.24 the low and 2843.24 the high. That range has been able to keep the index between the 100 hour MA below at 2833.56 and the 50 hour MA above at 2845.84. The index is trading at 2836.20 currently.
On a break of either MA, should solicit more buying or selling in the direction of the break.
On the topside, moving above the 50 hour MA would look to fill the island gap left on Thursday’s gap lower opening. The low on Thursday comes in at 2851.98. Failure to fill that gap is still bearish.
On the downside, in addition to the 100 hour MA is a pretty decent trend line at 2829. That trend line stalled the fall on Friday. A move below would look toward the 200 hour MA at 2808.68. The index price has not traded below the 200 hour MA since July 6th.
As I type, the index has moved down to test the 100 hour MA at 2833.53. The low just reached 2833.38.