Staying above would be more bullish
The S&P index is trading near its high level at 3175.86. The price is currently up 48 points or 1.53% at 3176.50.
The move back higher today has taken the price above its 100 day moving average at 3167.01. If the price can stay above that moving average, it would take some of the "bear" out of the market.
Looking at the daily chart above, the price has dipped below its 100 day moving average back in August and again in October, but each dip could not extend below its 200 day moving average (green line in the chart above). You have to go back to end of May early June for peeks below the 200 day MA. The price closed below the 200 day moving average for 2 days on that occasion, before moving above.
The run lower from the high to the low fell by about 8.1%. The price also moved below the 38.2% at 3139.60. The price is back above that level now as well.
