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  • The S&P500 is pulling back ahead of the FOMC meeting on Wednesday.
  • The S&P500 is trading well above its rising and widening 50, 100 and 200-period simple moving averages suggesting a strong bullish bias. The market is finding support just at 2,917.00 (August 29 high). The RSI, MACD and Stochastics indicators are slighty slowing down.
  • A  continuation of the consolidation can lead to 2,900.00 figure and 2,877.00 January swing high.  

S&P500 daily chart

Spot rate:                  2,917.00
Relative change:      -0.14%      
High:                         2,928.75
Low:                          2,913.00

Main trend:               Bullish

Resistance 1:           2,938.00, 138.2% Fibonnacci extension (Aug-Sept, high/low)
Resistance 2:           2,950.00, 161.8% Fibonnacci extension (Aug-Sept, high/low)
Resistance 3:           3,000.00 round figure

Support 1:                2,917.00 August 29 high
Support 2:                2,900.00 figure
Support 3:                2,877.00 January swing high
Support 4:                2,863.75 August 7 high
Support 5:                2,853.00 August 9 low