S&P500 (a 4-hour chart)
Wall Street opened lower as health sectors lad shares lower.
The index remained onto historical highs on Wednesday. The upward impetus faded above 2200, the price moved lower and stopped a few pips below the level. The index traded well above the moving averages in the 4 hours chart. All moving averages maintained bullish slope. The resistance is at 2220, the support comes in at 2200.
MACD decreased which indicates the buyers’ positions weakening. RSI oscillator stayed near overbought levels, favoring a move lower.
As the index is overbought we expect a short term correction. The price may return to the 2180 region.