SP500 (a 4-hour chart)
The US stock indices were under pressure due to the financial sector shares decrease. The S&P decreased as the markets do not see future prospects of London as a European financial center.
The overall outlook remained bearish. The index set a new local low at 1985. The resistance comes in at 2000, the support lies at 1985.
MACD is in the negative area. The indicator decreased that is a sell signal. RSI is near the oversold level. If RSI declined that will be a sell signal. Shall it bounce upwards and the index will recover. The 50-SMA broke the 200-day moving average downwards. The Moving Averages direction is downwards.
We assume the downward movement will be continued as the bearish sentiment prevails. The marks 1985 and 1970 are the sellers’ targets.