06, September 2016

S&P500 (a 4-hour chart)

General overview

Wall Street was closed on Monday due to Labor Day celebration.

Current situation

S&P500 slightly changed on Monday. The price stayed at previous week’s high and slightly decreased by the end of the trades. The instrument broke the 100-EMA and touched the 50-EMA in the 4 hours chart. The 50-EMA is breaking the 100-EMA downwards. All moving averages are moving downwards. The resistance is seen at 2180, the support is at 2165.

MACD is in the positive area. RSI bounced from the overbought area.

Trading recommendations

An uptrend will start as soon, as the index rises above the resistance level 2180. S&P500 may drift below 2165 to test 2150 support area.