The major stock indices are working on their third day higher in a row.
That move higher taken the S&P index up from a low of 3928.16, to a high today at 4078.49 (or 3.83%). In the process, the price moved back above its 200 hour moving average for the first time since February 21. However, the could not fill the gap between the low from February 16th at 4089.49 and the high from February 17th at 4081.51 (see yellow area in the chart above).
Consequently, the price has now moved back below it's a 200 hour moving average of 4058.21. The 50% midpoint of the move down from the February high, to the low price reached on March 2 was also broken on the move to the upside, but failed. The midpoint level comes in a 4061.80.
It would now take a move back above the 200 hour moving average and 50% retracement to give the buyers more confidence.
Absent that, on the downside, the 100 hour moving average comes in a 4031.26. That is near the broken 38.2% retracement 4030.28. Those levels would be targeting if the price cannot get back above the 200 hour moving average and 50% midpoint.
Sellers try to take back more control.