With the S&P index trading near session highs at 4220.84 up 41 points or 0.98%, the index is also back above its 100-week moving average of 4198.93. The high price reached 4231.10 today. That was the highest level going back to the week of August 15, 2022.
Last week the price closed at 4205.44. The 100-week moving average was at 4200.26. So technically it was the 1st close above the 100-week moving average since August 15, 2022 week. However, it was close. Much was still dependent upon this week's price action and the initial move did see a retracement back down toward the 50% midpoint of the range since the January 2022 high. That midpoint comes in at 4155.10. The low price this week reached 4166.15 about 11 points from that key 50% level.
So buyers kept control on the dip, and with the rise today, islonger-term putting some space between the price and the 100-week moving average. That's bullish.
The 61.8% retracement of the same move lower comes in at 4311.69. That would be the longer term target now for the index.
Close risk is the 100 week moving average and then the 50% midpoint level.
