S&P 500 Index: The price is wrestling with the very important 3,158.24 technical level
|- The S&P 500 index is trading 0.30% lower in a very choppy session on Wednesday.
- The VIX is only marginally lower on the session as traders grapple with the sentiment.
S&P 500 4-hour chart
The S&P 500 has had a very choppy session so far but remains 0.30% higher on the session. Looking across the major bourses only the Dow trades lower in the US but marginally. In Europe, the FTSE and DAX also struggled today.
Looking at the chart below, the main feature is the black resistance zone. The circles on the chart show that the zone has been used many times and could be important once again today. If the price closes above the area it could be a bullish sign and the market could reach the high on the chart of 3,231.50.
Looking at the indicators, the MACD signal lines are above the mid-point but the histogram is still in the red. A break higher in the histogram would be a good sign for the bulls. The Relative Strength Index has dipped away from the overbought zone, this gives the indicator some space to move higher if the bulls regain control of the market.
At the moment the S&P 500 is very much sideways but a break above 3,156.22 and 3,184.50 would be a very bullish sign.
-637298252416996244.png){kind=link}
Additional levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.