- S&P 500 futures battle 100-HMA barrier as the bulls fight back control.
- The hourly RSI has turned flat but remains well above the midline.
- The rebound in the European equities fail to inspire the bulls.
S&P 500 futures are struggling to extend the latest leg higher in the European session this Tuesday, as the bulls battle a key technical hurdle.
The recovery rally in the European equities fails to impress the bulls, as global economic growth concerns return after a new covid strain was detected in the UK.
Technically, the 100-hourly moving average (HMA) at 3,694 is the level to beat for the bulls. The further upside appears elusive so long as the price trades below the latter.
The immediate support is seen around 3,680, which is the confluence of the 200 and 21-HMAs.
Further south, 3,650 psychological support could be tested.
The hourly Relative Strength Index (RSI) has turned flat but trades above 50.00, keeping the buyers hopeful.
The next relevant resistance above the 100-HMA barrier is aligned at the record highs of 3,733.
S&P 500 Futures: Hourly chart
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