Check Out These Two Charts of the S&P 500
Will the S&P 500 break out or break down as the Federal Reserve meeting approaches next week? Today we’re looking at two charts to help navigate the coming sessions.
First is the daily chart with RSI and the 10-day simple moving average (SMA). A certain pattern has appeared at least four times in the last year. It involves the index languishing after a drop but holding its ground. RSI gradually stabilizes and makes a higher low as prices move through the 10-day SMA. Each instance was followed by squeezes to the upside.
The same behavior could be occurring now as SPX remains above the key 3910 level cited last week. If true, the timeline could match up closely with the central bank meeting on Wednesday, September 21.
The second chart shows the S&P 500 E-mini Futures (continuous contract) with four-hour bars. Notice how the converging lines form a triangle into the Fed meeting. That could also suggest the index is squeezing before a potential move.
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TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
First is the daily chart with RSI and the 10-day simple moving average (SMA). A certain pattern has appeared at least four times in the last year. It involves the index languishing after a drop but holding its ground. RSI gradually stabilizes and makes a higher low as prices move through the 10-day SMA. Each instance was followed by squeezes to the upside.
The same behavior could be occurring now as SPX remains above the key 3910 level cited last week. If true, the timeline could match up closely with the central bank meeting on Wednesday, September 21.
The second chart shows the S&P 500 E-mini Futures (continuous contract) with four-hour bars. Notice how the converging lines form a triangle into the Fed meeting. That could also suggest the index is squeezing before a potential move.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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