S&P500 (a 4-hour chart)
American Stocks remained neutral on Monday as traders were cautious ahead of the Fed monetary policy decision. Investors also kept an eye on developments in the
The index traded mixed on Monday. Prices moved higher in the Asian session, as a result the benchmark was able to erase its previous losses. The market switched the tone to bearish when buyers failed to reclaim the level 2130. The S&P500 turned around and moved lower. The price stopped a few pips above 2120 where it spent the rest of the day. The moving averages (50, 100 and 200) are pointing lower in the 4 hours chart. The price bounced downwards in the 1 hour chart and moved lower. The resistance is seen at 2130, the support is at 2120.
MACD is in the negative area. The histogram remained in the same level which confirms the strength of the sellers’. RSI approached the oversold area.
We suppose the index will go to 2120 first. Having overcome the first target the price might advance towards 2110.