S&P500 (a 4-hour chart)
Wall Street traded higher on Tuesday when a growth in technology sector reduced losses in energy stocks.
S&P500 remained under pressure on Tuesday. The index shortly decreased and refreshed the weekly low at 2132. The price turned around after that and moved towards 2150. The quotes bounced from the 50-EMA upwards in the 4 hours chart. The 50, 100 and 200 EMAs extended their decline. All moving averages are heading lower. The resistance is seen at 2150, the support is at 2140.
MACD indicator is at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. RSI is neutral.
We prefer to stay neutral for now. We expect further sideways trades in the coming days.