The S&P index moved above its 100 hour moving average yesterday. That moving average (blue line in the chart above) comes in at 3666.77. The index moved above the moving average in the first hour of trading and stayed above it for the rest of the day.
S&P index trades between hourly moving averages
Going forward it would take a move above that 200 hour moving average to increase the bullish bias from a technical perspective. The price has not traded above its 200 hour moving average since August 26 when the moving average was at 411.
A move below 3718 would tilt the bias modestly in favor of the sellers with more work to do on the downside chief of which would be 2 get back below the 100 hour moving average at 3666.74.
