The S&P index remains lower on the day, but near the middle of the trading range. The high for the day reached 3818.20. The low was at 3783.71. The current price is at 3796.26.
In between the 2 extremes sits the 100 hour moving average currently at 3805.09. The price has traded above and below the level indicative of a market looking for the next shove to the upside to the downside. With a current price below the moving average, the biases tilted to the downside in the short-term. Stay below is more bearish. Get below the low for the day at 3783.71, gives sellers more confidence, with the 200 hour MA at 3738.26 (and moving higher, the next key downside target.
Taking a broader look at the daily chart, the 30.2% retracement of the move down from the August high comes in at 3810.05.5. Staying below that level is more of a bearish tilt.
Ultimately if the buyers are to take more control, getting back above the 38.2% retracement and the 100 day moving average currently at 3900.82 (blue line in the chart below) would be needed to give the buyers more confidence that the low is in place.
Absent that and the sellers still hold the strongest hand in the S&P index from a technical perspective.
/inflation
