The pair test the 50 hour MA and 50% retracement
The S&P index is trading near highs at 2798.90. The current price is at 2795.64, up 58.96 points or 2.15%.
Technically, the pair is just above its 50% retracement of the move down from the all-time high in February. That level comes in at 2792.03. The 50 hour moving average is moving sideways at the 2801.36. Getting above both those levels would be more positive from a technical perspective. This is a key area for both the buyers and sellers.
The corrective move to the downside yesterday did Below the 50 hour moving average but could not reach the 100 hour moving average currently at 2715.31 (blue line). A move below that level would increase the bearish bias from a technical perspective. The price has been above its 100 hour moving average since April 7.