S&P moves back into negative territory

The S&P is back into negative territory and is getting closer to the low for the day at 3973.28 reached in the first hour of trading today.

The subsequent move to the upside saw the price move up to the 4000 level (the high price reach 4000.41). Sellers came in against that natural resistance level Resistance Level A trading resistance or resistance level reflects a given price that acts as a temporary ceiling for an asset. In its most basic form, this level pressures an asset’s price from rising above it, either acting as an outright barrier or exerting pressure in doing so.This pressure is due to a growing number of sellers who wish to sell at the particular price at a defined resistance level. Resistance levels can either be temporary constructs, longer-lasting ones, or purely psychological. As a result A trading resistance or resistance level reflects a given price that acts as a temporary ceiling for an asset. In its most basic form, this level pressures an asset’s price from rising above it, either acting as an outright barrier or exerting pressure in doing so.This pressure is due to a growing number of sellers who wish to sell at the particular price at a defined resistance level. Resistance levels can either be temporary constructs, longer-lasting ones, or purely psychological. As a result Read this Term, and the price has been stepping lower.

Looking at the hourly chart, the current price is trading right around the 50% midpoint of the move up from the December 22 low. That level comes in at 3979.96. The current price is trading at 3982.56. Getting and staying below the 50% midpoint should increase the bearish bias.

The low price from earlier this week stalled near the 61.8% retracement at 3929.11. That level would be the next downside target on further selling momentum.