US STOCKS, WALL STREET, S&P 500 TECHNICAL ANALYSIS – TALK POINTS:
- S&P 500 idling after touching another record
- A negative RSI divergence warns of a slowdown
- The withdrawal would focus on less than 4,300 support
After reaching another record, the broad-based S&P 500 benchmark stock index has reached a consolidation range of 4,400. An acute negative difference in RSI indicates that the rate of increase is unfolding, which may lay the groundwork for reversal.
The 50% and 38.2% Fibonacci expansions of 4353.00 and 4322.50 are approximate short-term support in case prices rise between 4376.50. The creation of a housing for larger additions and ongoing follow-up requires a daily density below the obstacle in zone 4238-58.
In addition, the 78.6% expansion at 4426.50 is only a hair’s length from the record height and effectively represents the outer layer of immediate resistance. Overcoming this barrier during daily closure can set the probing level close to 100% Fibi 4481.75.
S&P 500 daily schedule createdTradingView
– Written by DailyFX.com APAC chief strategist Ilja Spivak
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