S&P500 (a 4-hour chart)
Wall Street opened neutral as post-election rally appeared to have run out of steam. Investors waited for fresh market movers to set up their direction.
The market remained neutral on yesterday's trades. The price hovered above the 2200 handle bouncing from the level on every attempt to the downside. The index continued developing well above the moving averages which extended their growth. The benchmark stayed around the 50-EMA in the 4 hours chart which provided it a solid support. The resistance is at 2220, the support comes in at 2200.
MACD decreased which indicates the buyers’ positions weakening. RSI headed downwards which confirms the strength of sellers.
The nearest bulls' target remains the resistance level 2220. At the same time a break below 2200 would open the way to 2180.