Lows for the week and 200 day MAs loom above
The S&P and Nasdaq indices are off lows, but is it just a correction into resistance OR will be see more upside.
There are a couple of levels of importance that will help determine the bias
For the S&P, the high for the day reached 2766.16. That was right around the low from yesterday (low for the week). The next level of importance is the 200 day MA which comes in today at 2775.54. If the price can get above each of those levels, that it would negate some of the bearishness today.
For the Nasdaq, the index also moved below its low for the week at 7503.94 and its 200 day MA at 7524. Like the S&P, it will take moves above each to hurt the bearish bias.
Stocks have eased the hurt a bit, but there is more work to be done.
