S&P index falls below its 100 hour moving average
The major US stock indices are hitting the skids with all down over 1%. Weak economic data, concerns that the Biden plan might not get bipartisan support, and some sell the fact flows, are weighing on the indices.
Technically looking at the S&P index on the hourly chart, the price has now fallen below its 50 and 100 hour MAs at 3771.07 and 3761.00. The 200 hour moving average is currently at 3723.91.
For the NASDAQ index, it is testing its 50 and 100 hour moving averages at 12969.10 and 12946.20 respectively. The low price today reached 12949.76 between those 2 moving averages.. A move below the levels will turn the technical bias more to the downside at least in the short term.
A look at the markets currently shows: