S&P 500: A 50bps Cut Could Drive A Break-Out, Week Starting September 16th (Technical Analysis)
Technical Analysis: Market Wrap
The S&P 500 index is trading at 4,068, down by 1% this week. The index is consolidating within a narrow range after a strong rally, with the resistance at 4,100. The next resistance level is at 4,150. The index is supported at 4,000, and the next support level is at 3,950.
The Relative Strength Index (RSI) is at 60, which is in the overbought zone. This indicates that the index is due for a correction. The Moving Average Convergence Divergence (MACD) is also in the overbought zone, which is another sign of a potential correction.
Overall, the technical outlook for the S&P 500 index is slightly bullish. The index is consolidating within a narrow range, and it is likely to break out of this range soon. A breakout above 4,100 would be a strong signal that the index is headed higher. However, a break below 4,000 would be a sign of weakness, and it could lead to a further decline in the index.
Komentar