07, September 2016

S&P500 (a 4-hour chart)

General overview

Wall Street opened higher after 3-day long week-end. The latest US data diminished prospects of Fed rate-hike in September.

Current situation

The index was neutral during the day and active in the North American session. The price fell below 2180 on the latest news. The downward momentum immediately faded and the S&P500 returned back to the mark where it started the day. The index broke the 50 and 100 EMAs and bounced upwards from the 200-EMA in the 4 hours chart. The resistance is seen at 2190, the support is at 2180.

The MACD and RSI indicators remain within positive territory.

Trading recommendations

We consider only buying positions now. The buyers’ target is the level 2190.