SP500 (a 4-hour chart)
The key stock indices closed the day in the "red zone" on expectations of a two-day meeting of the Fed.
The index tried to recover and was able to reach 2061 when sellers returned to the market and sent the price down. SP500 quotes broke the level 2070 and set a new local low at 2060. The resistance comes in at 2070, the support is at 2055.
MACD is in the negative area that is a bearish signal. RSI is in the oversold area. If the line leaves the oversold area we shall get a buy signal. The index broke through the 200 Moving Average. The 50 and 100 Moving Averages are above the SP500. There is an upward trend on the daily chart.
If the price remains below the level 2070 (SMA 200) the downtrend will be continued. Any move above this level should be considered corrective.