SP500 (a 4-hour chart)
The USA Bonds Market decreased its volatility before the major event in the month – the Fed meeting regarding the USA rates hike.
The index showed active trades on Friday. Most of the day SP500 was decreasing with several stops at 2100 and 2095. The index bounced off from 2095 to 2103. However that turned out to be a short break that ended with resumption to a decrease. SP500 ended the week at 2086, the same level that a week ago. The resistance comes at 2100, the support is at 2086.
MACD is in the negative area that is a bearish signal. RSI is close to the oversold area. The index broke through the 50 Moving Average and stopped on the 100 Moving Average.
The index is oversold so we may see a correction today. The main trend is bullish on the daily chart. Besides the price is close to the 50 Moving Average and may bounce from it as it did before. If we do not see a break below the support 2086 the price will return to the growth.