The S&P is trading near its lows for the day at -27.7 points or -0.47% at 5,723.90. The low price reached 5722.27.
Looking at the hourly chart, the price is currently testing the 50-hour moving average at 5722.42 (the black moving average line in the chart above).
A move below this level would then target the bullish 100-hour moving average at 5710.68 (blue line on the chart above).
Recall that on Friday, the low price of the day bottomed near the 100 hourly moving average and then moved higher. Stay above this moving average.
These moving averages are close support. If the 50 hourly EMA is able to hold support, then that is more bullish, but I would also give control to the buyers if the 100 hourly EMA can hold especially after testing the moving average on Friday and finding supportive buyers at this point. level.
Sellers pay but they pay for support. The question is can they go ahead with the support?
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