The broader S&P 500 and Nasdaq indices are sharply higher today, but has the rally changed the technical picture?
The answer is: it has improved it, but the buyers still have work to do
For the S&P 500, yesterday’s decline took the price to the upper edge of a key support zone between 7300 and 7321, where buyers stepped in and stabilized the market into the close. Today’s gap higher has created some breathing room, easing immediate downside pressure and keeping the buyers in the game. That said, the technical hurdles remain clear.
The price still needs to reclaim and hold above the 200-hour moving average at 7467.70 and the 100-hour moving average at 7476.90. A sustained move above those levels would shift near-term control back toward the buyers. Until then, the bulls can claim they defended support, but they have yet to prove they can regain control.