S&P technical analysis: Index takes out low and bounces but stays below 100 day MA.
On Monday, the S&P took out the prior low from mid December and also fell briefly below the 50% retracement of the move up from the August low to the November high at the 1991.74 level. That break was short lived and the price rebounded. Yesterday, the index rallied to the 100 day MA (currently at 2022.36 – see chart below) and stalled right at the level.