Down over -2.3% on the day
The S&P index has moved to a new session low and trades down -60 points or -2.39% at 2450. The fall has taken the price below its 50 hour MA at 2453.62. The highs yesterday got close to the 100 hour MA at 2520.59, but could not get above that target. The price also stalled at the 38.2% retracement of the December move down. That kept the sellers more in control. I wrote about the importance of that area in a post yesterday (CLICK HERE).
As I type, the price is trading above and below the 50 hour MA. So there is a stall around the level. We sit on the fence here but the hold below the key levels yesterday still looms large. To correct the minimum and stay below the 100 hour MA/38.2% retracement levels, keeps the bears more in control. The buying was simply corrective.