You are here: Home > articles > Forex > Technical Analysis – US 500 index eases after it hit fresh 6-month high
Technical Analysis – US 500 index eases after it hit fresh 6-month high
April 4, 2019 12:26 pmVideo
Latest News
- Forex forecast 05/06/2024: EUR/USD, GBP/USD, USD/JPY and Bitcoin from Sebastian Seliga May 6, 2024
- Hot forecast for EUR/USD on May 6, 2024 May 6, 2024
- Trading plan for GBP/USD on May 6. Simple tips for beginners May 6, 2024
- Trading plan for EUR/USD on May 6. Simple tips for beginners May 6, 2024
- Technical Analysis of Intraday Price Movement of CAD/JPY Cross Currency Pairs , Monday May 06 2024.ei 2024. May 6, 2024
- Technical Analysis of Intraday Price Movement of USD/IDR Exotic Currency Pairs , Monday May 06, 2024. May 6, 2024
- Forecast for EUR/USD on May 6, 2024 May 6, 2024
- Forecast for GBP/USD on May 6, 2024 May 6, 2024
- Forecast for AUD/USD on May 6, 2024 May 6, 2024
- Trading Signals for EUR/USD for May 3-5, 2024: sell below 1.0803 (overbought – 5/8 Murray) May 3, 2024
- Trading Signals for GOLD for May 3-5, 2024: sell below $2,320 or below $2,300 (21 SMA – 200 EMA) May 3, 2024
- Technical Analysis – GBPUSD advances above descending trendline May 3, 2024
- USD experiences day X May 3, 2024
- Bitcoin licks wounds as Fed comes on the rescue – Crypto News May 3, 2024
- GBP/USD: trading plan for the US session on May 3rd (analysis of morning deals). The pound is preparing to get out of the May 3, 2024
- EUR and GBP may drop May 3, 2024
- EUR/USD: trading plan for the US session on May 3rd (analysis of morning deals). US data will be the key moment of the week May 3, 2024
- USD/JPY: Simple trading tips for novice traders for May 3rd (US session) May 3, 2024
- GBP/USD: Simple trading tips for novice traders for May 3rd (US session) May 3, 2024
- Video market update for May 03, 2024 May 3, 2024
The US 500 stock index is edging slightly lower after finding strong resistance at the fresh six-month high of 2885 that it completed on Wednesday. The price retains bullish action as it holds above the 50- and 200-day simple moving averages (SMAs) which posted a ‘golden cross’ in the preceding sessions.
Looking at momentum oscillators in the daily chart though, they suggest negative movements may be on the cards. The RSI is above its neutral 50 line but is pointing down, while the stochastic reversed lower in the overbought zone, posting a bearish cross within the %K and %D lines, indicating bearish correction.
In case of further gains and a climb above the six-month peak, the next resistance would likely be faced around the all-time high of 2940. A successful surpass of this critical level would shift the long-term outlook back to strong bullish one, challenging a new record peak.
On the other side, if the price loses momentum and declines beneath 2860, it could find support at the 2784 area before touching the ‘golden cross’ near the 23.6% Fibonacci retracement level of the upleg from 2332 to 2885, near 2755. Dropping below this zone could take price towards the 2723 region, registered on March 8.
In the long-term, the index is trying to switch the neutral mode to a more bullish one and this would happen if prices overcome the all-time high set in September 2018.
Related Posts: