S&P500 (a 4-hour chart)
Wall Street closed higher last week. We believe traders will digest the weaker-than-expected payrolls report today.
S&P500 strengthened and closed Friday bullish. The index advanced north and set a new weekly high at 2183. The instrument broke the 50 and 200 EMAs and tested the 100-EMA in the 4 hours chart. The moving averages are neutral. The resistance is seen at 2180, the support is at 2165.
MACD indicator is at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. RSI is moving towards the overbought area.
Should the price break the resistance 2180 and buyers will lead the price to the level 2190.