S&P index approaches its 200 hour MA
The comments from Fed Chair Powell have scared the stock/bond markets a bit.
The 10 year yield is up 5.5 bps to 2.9172%. The high reached 2.9227%.
For the S&P, the low reached 2757.07. The current price is at 2764.30.
Technically, the S&P index moved back down toward the 200 hour MA at 2755.19. Remember yesterday, the price gapped above that MA line and for the most part, stayed above that MA level. The low today got to around 2 points of that MA line. Some buyers seem to be lining up against the level.
Also below the MA is a trend line. That comes in at 2746 and will be eyed if the price does break.
Right now, the S&P is back up but keep the aforementioned levels in mind. A break would be more bearish.
