Can those MAs be broken?
The US stocks have faded lower with the S&P index testing the 100 hour MA and the Nasdaq moving closer to the level.
Looking at the S&P, the 100 hour MA comes in at 2782. The low for the day has moved below that level now and trades at 2779.65 as I type. Stay below is more bearish.
The Nasdaq 100 hour MA is at 7513.61 currently. The low has reached 7540.48. So we are still have some room before reaching that level.
So there is some additional bearishness in the S&P. The Nasdaq is trying to hold above the equivalent technical moving average.
As I type, new lows are being made in those indices. The S&P has moved to 2776.07. The Nasdaq has a new low of 7527.05.
PS. the fall in stocks has helped to keep the USDJPY bearish. Earlier the price fell below the 100 hour MA, turning the bias more negative. That MA is at 111.78 now and is risk for shorts. The lows from Monday and Friday are being approached at 111.633.
