15, September 2016

S&P500 (a 4-hour chart)

General overview

Wall Street opened lower on Wednesday as oil prices decrease and uncertainty over the Fed rate hike weigh on stocks.

Current situation

The index got under selling pressure after recovery during the Asian hours. The price continued to advance south. Sellers are struggling with 2130 to go lower. However, the price gets under buying pressure on any down-move towards 2120. The S&P500 traded below the 50, 100 and 200 EMAs in the 4 hours chart. The moving averages direction is downwards. The resistance is seen at 2140, the support is at 2130.

The indicators stalled within the negative territory. 

Trading recommendations

A break below 2130 would open the way to 2120. A close above 2140 will strengthen buyers' positions. Buyers will lead the price towards 2150.