21, September 2016

S&P500 (a 4-hour chart)

General overview

Wall Street opened higher on Tuesday. However, investors are cautious ahead of the Fed meeting that will conclude on Wednesday.

Current situation

The index remained neutral and traded mixed on Tuesday. The price grew in the Asian and the European sessions and turned around in the North American one. The 50, 100 and 200 Day EMAs extended their declines. The resistance is seen at 2150, the support is at 2140.

MACD remained in the negative area. MACD grew which indicates the sellers’ positions weakening. RSI is neutral.

Trading recommendations

To trigger additional downward momentum towards 2130 the price needs to break the level 2140. We also cannot rule out the chance that the index would try to get to the level at 2150.