Key hourly MAs are being tested.
The S&P and NASDAQ indices are both testing key hourly moving averages.
Looking at the S&P index, the index just traded to a high of 4336.90. The 100 hour moving averages comes in at 4336.30, just below the high for the day. Sellers have leaned on the first test.
For the NASDAQ index, it’s 100 hour moving average comes in at 14570.14. Its 50 hour moving average comes in at 14560.79. The high price just reached 14552.70. That is still below those levels, but the levels are being approached.
Both indices technicals should give traders some “cause for pause” against the risk defining levels. If the price does move above, however, there could be some added momentum. A CLOSE above would tilt the bias more to the upside.