Firstly we have to remember and keep in the back of our minds is that the S&P500 is still in a bull channel and Long term uptrend; but like the FTSE100, and like I mentioned last week, the indicators are implying that we may still be in for some lower numbers to come. We're currently seeing long-shadowed / small-bodied candlesticks and a rangebound price behaviour, but given the time of year we should try to avoid reading into this too much.
On the hourly chart, the indicators like on the daily chart, are also looking bearish with the RSI and MACD both confirming the downtrend. A break on the previous low at 1684 could run us down to 1675 which is a much stronger support level and tougher to breach. The all-time high at 1708 gives a good upside target.
Charts sourced from IG Index
On the hourly chart, the indicators like on the daily chart, are also looking bearish with the RSI and MACD both confirming the downtrend. A break on the previous low at 1684 could run us down to 1675 which is a much stronger support level and tougher to breach. The all-time high at 1708 gives a good upside target.
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