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S&P index retests its 100 week moving average and backs off

The S&P index is trading up 45.11 points or 1.08% at 4196.40. Its high price reached 4202.92. That took the price back above its 100-week moving average at 4200.13. Last week, the price also moved above that moving average level, but closed just below it at 4191.99. The current price is right around the closing level from last week thanks to the gains in trading today.

From a technical perspective, getting in closing above the 100-week moving average would be more positive. The price has not closed above that moving average since August 15, 2022.

The other good news technically for the index is that the declines this week pushed the price back below the 50% midpoint of the range since the 2022 all-time high. That level came in at 4155.10. The low price for the week reached 4103.98 before rotating back to the upside.

Staying above the 50% midpoint is positive but admittedly the last 6 of 7 weeks have seen the price trade above and below that midpoint level with 2 weeks closing above and 4 weeks closing below. This week would be the 3rd week with the price above the level.

It is positive, but the price needs to stay above that 50% level, and a move above the 100-week MA (and close above), would also be supportive of further gains technically.

This article was written by Greg Michalowski at www.forexlive.com.
Source: www.forexlive.com

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