The recent breaks have been modest
The S&P index is trading below its 200 hour moving after 2896.09. That is the 1st break since March 27. There were 4 separate breaks below that moving average in March. The last 3 were modest and quickly faded. Back on March 8, the price stayed below for the day, but moved back above the next day.
The fall below the moving average line now, tilts the bias more to the downside. Traders will be eyeing that MA now for close risk. Stay below keeps the sellers more in control. Move above muddies the technical waters again, but until the 100 hour MA is broken, the intraday sellers would still have more control.
For your guide the Nasdaq index remains just above its 200 hour MA at 7968.02. On March 27, the price bounced off that level. On March 8th, like the S&P index, the price moved below the level and stayed below for the day, but rebounded back above the next day and started the next run higher in that index.
S&P is more negative technically today, with the Nasdaq index trying to keep above the 200 hour MA.