16, August 2016

SP500 (a 4-hour chart)

 SP500 (a 4-hour chart)

General overview

Wall Street traded higher on Monday, the stocks set new all-times highs on the back of strong oil futures.

Current situation

Traders pushed the index higher and S&P500 was able to escalate up to 2190. The resistance is seen at 2200, the support is at 2180.

MACD remained in the positive area. The histogram grew which indicates the buyers’ strength. RSI moved away from the overbought area and stopped in a neutral area.

The 50-EMA moved away from the 100-EMA in the 4 hours chart. The price is still well above its moving averages. The moving averages are moving upwards in the mentioned time frame.

Trading recommendations

If a bullish momentum is preserved the index will continue setting new highs. The next buyers’ target is the mark 2200.