The sellers are making a play in the S&P index, and in doing so has broken below a trendline on the hourly chart (near 5207), and also below is 100-hour moving average currently at 5198.39. Stay below those levels keep sellers in play AND control in the short term technically.
On the downside, the price low today tested swing highs going back to March 8 and again on March 20 near 5186.48. Buyers leaned near those levels today stalling the fall in the process. It would take a move below 5186.48 to give the sellers more confidence and perhaps have traders looking down toward the rising 200-hour moving average near 5144.73. The price has not traded below its 200 hour moving average since November 2023. So if tested and if broken, it could lead to more downside momentum. It is a target level to be aware and prepared just in case.
So sellers are making a play. Can they keep the pressure on and have traders looking toward other key downside corrective targets? Watching 5198 to 5207 for sellers now to keep that hope alive.
