S&P 500 Index Trend Charts

Another day of trading sideways as the market moved down on below-average volume. Resistance remains at the 930 level, and support is holding at 875. We could continue this for several more days or even weeks.

The 800 level is approximately a 50% retracement of the recent rally, which could be a logical target should we see a move down. After that, we will have to see.

The RSI is above 50, a sign of an uptrend. However, the RSI is showing negative divergence, a good sign of a move down. The MACD remains at a high level though it has turned down through the 9-hour moving average, a sell sign. The Slow Stochastic is above 80, where it will eventually turn down, giving a sell sign.

Link to the current version of the chart prices: S&P 500 6-month chart

The 60-minute 3-month S&P 500 is also showing the sideways trend. There was a rebound from the 200-hour moving average. If there is a close below 875, then we are more likely to see a further move down over time. However, if we see another rebound, we could continue to trade in this relatively narrow channel for some time.

The RSI fell through 50, signaling a new downtrend. The MACD is turned down and shows negative divergence, a good sign of further move down. The Slow Stochastic turned down before reaching 80, a sign of weakness.

The 60-minute S&P 500 chart is indicating the market has is trending sideways with support at the 875 area and resistance at the 930 level.

Link to the current version of 60-minute chart prices: 60-minute S&P 500 chart

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