14, November 2016

S&P500 (a 4-hour chart)

General overview

Wall Street traded lower on Friday as lower oil prices weighed on the Oil & Gas sector while Johnson & Johnson и Pfizer decline led Healthcare sector lower.

Current situation

S&P500 traded in a red zone on Friday. The index retreated from its fresh monthly high, sellers pushed prices lower. The benchmark broke the 2160 level and approached 2150 ahead of the NY opening.  The moving averages 50, 100 and 200 are neutral. The resistance is seen at 2160, the support is at 2150.

MACD decreased which indicates the buyers’ positions weakening. RSI bounced from the oversold area.

Trading recommendations

A break below 2150 will strengthen sellers’ positions. Bears may move the index towards 2130.