S&P500 Technical Analysis: Stocks pulling back slightly ahead of FOMC on Wednesday
|- 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
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