NASDAQ also returns lower, but lows for the day
The S&P index is moved to a new low session for the day. The pair traded at a low price of 3414.42.
The fall of the S&P today took the price to a support group. Looking at the S&P daily chart above, the price is the first testing last week’s low and 3415.34. As mentioned above, the low price just hit 3,414.42.
The next target is a 50-day moving average at 3,408.75. Finally, below, the February 19 high at 3393.52 will be observed. Break below this support group and this would open the door to further downward momentum in the index. It was the 100-day moving average that held support in September. The current 100-day moving average is 3,303.86. This level would be a key target on the downside on new downward momentum.