S&P 500: Losing levels and falling back with some intensity

A few hours before the opening of Wall Street, the S&P 500 is losing the levels it gained yesterday. This market is highly emotional, as demonstrated by the intraday volatility, Tomás Sallés from FXStreet reports.

Key quotes

“On the 1-hour chart, the short and mid-term moving averages are losing their downward profile, while the SMA200 remains in a downward direction.”

“This setup leads us to expect, in the short-term scenario, an attempt to build a technical floor. This should be a fragile floor though.”

“The MACD on the hourly chart shows clear intentions of a downward direction, while the DMS shows the bears trying to regain the lead for today's session.”

“The current market situation makes it advisable for traders to be cautious in any time frame. Excessive leverage or positions without reliable stop levels can lead to significant losses in either direction.”