14, September 2016

S&P500 (a 4-hour chart)

General overview

S&P500 opened lower due to the rate hike uncertainty and as the oil prices remained under pressure.

Current situation

The index retreated from the recent weekly high and is trending downwards. The price broke 2150 and 2140 and is approaching 2130 now. The instrument is moving away from the moving averages. The 100-EMA is crossing the 200-EMA downwards. All moving averages direction is downwards in the 4 hours chart. The resistance is seen at 2140, the support is at 2130.

MACD decreased which confirms the strength of sellers. RSI approached the oversold territory.

Trading recommendations

The S&P 500 index now seems to be heading towards its immediate support near 2130. The second sellers’ target lies at 2120.