Technical Analysis

US stocks move to new lows for the day

S&P trades lower today.

The S&P index has trading to a new session low, after a move into positive territory failed. The low reached 3940.99. The price is rebounding modestly to 3943 currently. The index is down -0.57%.

Looking at the daily chart, the low last week in the S&P index reached 3906.54. At the low, the index moved briefly below the 100 day MA at 3908, but could not sustain downside momentum.

Holding near the 100 day MA level last week increases the levels importance going forward. Keep that in mind on further weakness today/this week. A break below would increase the bearish bias technically. Holding would continue to support good buying as traders ponder stock moves into the year end.

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