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  • The S&P 500 pushed higher but the gains were capped at 3223.37.
  • The market has now reversed and the index trades over half a percent lower.

S&P 500 30-minute chart

The S&P 500 index has been very choppy in the US session following the FOMC rate decision and accompanying press conference. At the moment the support zone on the downside is being tested and a break could indicate a bigger bearish move. 

The red support level is holding at 3,183.97 and at the time of writing the market is testing the area. The next support zone beyond this is the wave high at 3,131.56 which has had two meaningful touches. 

Both of the indicators on the chart are looking bearish too as the Relative Strength Index dipped below the 50.00 zone. The MACD is also looking short as the histogram trades in the red and the signal lines are under the mid-zone. This could be the first lower high lower low pattern in a while in this market and could indicate a prolonged move or a deep correction.

S&P 500 technicals

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