S&P bounces near October low.
The S&P index moved down to 2945.19, which did take the pair below the close from Friday at 2954.22 but the price has since rebounded and just reached a new session high at 3020.52. We are currently trading off the high but the index is still up about 80 points on the day. A close higher today, would be the first in 7 days.
Looking at the daily chart, the price low on Friday reached down to 2855.84. That took the price just below the October swing low at 2855.94. Bouncing from that level gave the buyers little bit more confidence from a technical perspective. Today's move back higher (and an up day) is another positive from a bullish perspective for the index. The price they also moved back above the broken 38.2% retracement of the move up from the December 2018 low to the high prices seen this month. That level comes in at 2993.59. It will be a close risk level for longs today.
On more upside the broken at 200 day moving average at 3048.03 will be eyed. Getting above that level - and staying above - would be more positive for the index.
