08, September 2016

S&P500 (a 4-hour chart)

General overview

Wall Street opened neutral on Wednesday as traders wait for the new drivers and clues when the Fed may raise the rate next time.

Current situation

The index slightly decreased from the recent high at the start of the day. Sellers pushed the price to the level 2180. The 50, 100 and 200 EMAs are neutral in the 4 hours chart. The 100-EMA acts as a support for the price. The resistance is seen at 2190, the support is at 2180.

MACD decreased which indicates the buyers’ positions weakening. The indicator still gives a buy signal. RSI slightly moved from the overbought area.

Trading recommendations

In the light of the disappointing statistics sellers could return to the market. In the scenario where traders are back the S&P500 will get below 2180 and will advance to the 2170 region.