SPX500 Struggles To Overcome Resistance

The left charts shows the daily time frame of the SPX500. We note that it is above its 20-day SMA and that the RSI is above 50. These are bullish, however, the index has struggled to overcome the 2,900 level (red shaded horizontal). The right chart shows the hourly time frame. Here, the EMAs are rolling over and looking to cross down and the RSI is threatening to move to the weaker side of 50. The market is nervous ahead of the Fed statement at 6:00 pm GMT and the press conference after. If the EMAs cross and develop angle and separation the index will be retreating from the overhead resistance.