08, August 2016

SP500 (a 4-hour chart)

SP500 (a 4-hour chart)

General overview

Wall Street traded higher on Friday on the back of the better-than-expected Nonfarm Payrolls report.

Current situation

The instrument had a positive day on Friday. The index sharply rallied and set a fresh all-time high at 2176. The resistance is seen at 2180, the support is at 2165.

MACD is in the positive area. The histogram grew which indicates the buyers’ strength. RSI approached the overbought area.

The 50-EMA is crossing the 100-EMA upwards which is a buy signal. The 50, 100 and 200 Day EMAs are trending upwards.

Trading recommendations

We believe in a growth. We expect SP500 to break 2180 and to consolidate over it.