SP500 (a 4-hour chart)
The index left all-time high and moved below 2150. As we expected the market pulled back a little. The index lost about 0.53% on Friday. The resistance comes in at 2150, the support lies at 2140.
MACD is in the positive area. Its histogram decreased which indicates the buyers’ positions weakening. The indicator still gives a buy signal. RSI left the overbought territory.
The 50-EMA touched the 100-EMA in the 1 hour chart. The moving averages direction is upwards.
Technically, the main trend is upwards, however, sellers managed to lead the price from 2160 to 2140. We believe that is a correctional decrease which happened due to the profit-taking. The price may decrease to 2120 (where the 50-EMA lies) to bounce from it upwards.