S&P index was back toward its 200 day moving average | Forexlive

The S&P index has moved back down toward its broken 200 day moving average. The moving average comes in a 4033.3. The low price reached 4038.96.

Of concern from a technical perspective is at the high price today at 4100.96 was able to extend above the high price from December 1 which reached 4100.51. However the small break could not sustain momentum, and the price has since rotated back to the downside.

Traders will be watching the 200 day moving average for support. Move below and there could be some disappointment on the failed break.

For the NASDAQ index, it broke above its 100 day moving average at 11465, but has since rotated back below that key moving average level. The price currently trades at 11387. The low price reach 11342.36. Getting back above the 100 day moving average is required to increase the bullish bias for that index. Failure to do so and the sellers remain in control.

On December 1, the price moved above that moving average level, but could not close above the level. Back on November 15, the price approached the moving average level, but found sellers against the level. The failure today is a concern from a technical perspective.