The future rate of S&P 500 rebounding could not get back yet a place above its daily SMA50, while it is still showing ability to reside above its daily SMA100, after bouncing above its daily SMA200 by bottoming out at 2532.17 yesterday.
After relatively short-lived trading below its daily SMA200, The downside momentum eased down but the volatility can controlling the index movement.
The future rate of S&P 500 is still well exposed to forming lower high below its peak on last Jan. 29 at 2877.21, while it is trading now in its seventh consecutive day below its daily Parabolic SAR (step 0.02, maximum 0.2) which is reading today 2978.98.
The index daily RSI-14 is referring now to existence inside its neutral territory reading 39.069, after rebounding inside its oversold area below 30.
USDJPY daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having now its main line inside its neutral region at 35.734 leading to the upside its signal line which is lower in the same region at 22.027, after bottoming out also inside its oversold area below 20.
Important levels: Daily SMA50 @ 2722.20, Daily SMA100 @ 2640.68 and Daily SMA200 @ 2540.49
Kind Regards
Global Market Strategist of FX-Recommends
Walid Salah El Din