S&P is trading above and below its 100 hour moving average
Looking at the S&P index on the hourly chart above, the rally on Monday and Tuesday saw the price extend toward the 38.2% retracement of the move down from the September high. That level came in at 3787.27. The high price reached 3791.92 yesterday. The price rise yesterday also saw the index move back above its 100 hour moving average for the 1st time since September 12.
Today with the gap lower, the price moved back below that 100 hour moving average, but has since rebounded back above the moving average level currently at 3750.07 (see blue line in the chart above).
In the short-term the moving average will be the barometer for bullish and bearish.
