S&P tests dual support level
The US stocks continued their decline with the S&P index now down -33.74 points at 5201.92.
The low price extended to 5191.68, and in the process tested key support defined by its 200-hour moving average at 5191.63 currently (green line on the chart below) and the 38.2% retracement of the move up from the April 19 below. That level comes in at 5193.54.
So far the support level has done a good job of stalling the fall.
Key dual technical level for both buyers and sellers. Staying above is more bullish. Moving below would add to the bearish bias.
