S&P500 (a 4-hour chart)
Wall Street opened lower as expectations over the Fed's next monetary policy action remained a key determinant for the stocks. Investors prepared for a week full with corporate earnings reports.
The index started the week with a recovery. S&P500 moved higher towards 2130 and was able to erase some of its losses during the Asian and European sessions on Monday. Buyers failed to retake the level and S&P500 sharply decreased at the beginning of the
MACD remained at the same level which indicates the sellers’ strength. The RSI remained within negative levels.
The price traded in a descending channel, staying close to its upper limit. A move above the range will weaken sellers’ positions. An uptrend will start as soon, as the S&P500 rises above the resistance level 2140. The index will extend its losses towards 2110 after breaking the support 2120.