Coming into the cash session today, both the Nasdaq futures and the S&P 500 futures were trading in positive territory.

The S&P 500 futures were up enough overnight that they were officially above the daily “mean,” or the 21-day exponential moving average (EMA). This was significant because price action in the previous cash sessions has rejected this level as resistance. Being able to get back above this level and holding would be a great sign for the bulls.

The S&P 500 slipped slightly below the 21-day (EMA) at the open before rebounding. This price action was brief and lacked any real selling pressure. The bears were able to fight price back below the key level, but ultimately the move failed when the bulls stepped in bringing it back above.

This was the first time this week that the S&P 500 was able to get back above the mean, another good sign for the bulls.

Breaking the mean to run higher

Once the S&P 500 broke the mean it really gained momentum that carried for the next couple of hours. This strength displayed by the bulls was their strongest push in recent days. This price action is notable considering the annual Federal Reserve (Fed) symposium in Jackson Hole, Wyo., is tomorrow. Fed Chairman Jerome Powell is set to deliver a speech at 9 a.m. Central on Friday.

The importance of the 21-day (EMA) has been brought to notice this week. The Nasdaq also has a daily mean but is still below this level. This is important because the Nasdaq will need to do the same thing the S&P 500 has struggled to do. The mean on the Nasdaq is right where the morning rally came to a halt.

With the Nasdaq stalling and bringing the S&P 500 lower with it, the market ran into another key indicator that has been a hot topic of discussion this week. The market fell right to the volume weighted average price (VWAP). The VWAP has been relevant this week as the price action has overall been choppy and non-directional. When this happens the market tends to find itself near the VWAP often.

Bulls close strong for the session

For the rest of the day bulls were positioning for another push to extend gains on the session. In the final hour of the cash session the bulls succeeded. In the last hour the bulls took strong control, sending the market soaring into the final minutes before the close. This powerful close gave the bulls a massive win to end the day.

One important event in the market today was the Tesla Inc. (TSLA) stock split. The board approved the 3- o-1 split and this action took effect today. The stock found itself relatively weak in comparison to market action today. TSLA closed at $296.07, down .35%.

Could this have been post split profit taking? We will find out in the coming days.

This bullish action with no real slowing down at the end of the day came on the back of bulls. The S&P 500 futures closed up 1.27%, gaining 52 points, while the Nasdaq futures closed up 1.65%, adding 212 points.