S&P500 (a 4-hour chart)
Wall Street closed higher as Consumer Services, Technology and Consumer Goods sectors strengthened.
S&P500 opened on a weaker note on Friday. The index continued to lose its value during the European session. Prices declined from 2135 towards 2123 during the first part of the day. S&P500 turned around at the beginning of NY session. The price returned above 2130, reversing some of its losses. The price broke the 50-EMA upwards in the 4 hours chart. The index headed towards the 100-EMA in the same time frame. All moving averages kept heading lower. The resistance is seen at 2140, the support is at 2130.
MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. The RSI oscillator moved upwards.
If S&P500 manages a break below 2130 and stays there we would likely be selling the index towards 2120. If the price stays above the level the index we will buy it towards 2140.