US stock markets showed a decline at the opening of the trading session.Index S & P 500 dropped by 0.35 percent. Before the meeting, the Fed reduced market volatility.
On Friday, the index was down throughout the day. On his way SP500 made a couple of stops on the levels of 2100 and 2095. At the end of the day the index set a local minimum at the level of 2088, coming close to the support of 2086. Resistance is located at 2100, support is at 2086.
The MACD is in the negative zone, which is considered to be a signal to sell. RSI approached the oversold zone.Approaching the oversold zone could lead to a change of direction. The index broke through the moving average of 50, focusing on the moving average 100, which has kept its decline.
SP500 Index forecast for today
SP500 Index oversold, which may lead to an increase, even more so because the daily chart trend is up. The current decline looks like a correction. The index can bounce up from the moving average of 100 and 2086 support.
Source Fort Financial Services