- S&P 500 futures remain stuck in a range, waiting for clear direction.
- Price is moving within a pennant pattern on the 1 hour chart.
- The RSI remains bearish as the bulls await a sustained move above the 50 hourly SMA.
S&P 500 futures are seeing opportunities to “buy the dip” on each pullback below 3,900, forming rising highs on the 1-hour chart as buyers hope remains.
However, the bulls need acceptance above the critical 50 hourly moving average at 3,908 to resume the move towards all-time highs. At that level, the 100-hour SMA also converges, making it a powerful barrier.
Once above that region, the all-time highs at 3,928 would be on the bulls’ radar, later targeting 4,000 points.
At the time of writing, sellers appear to be in control of the S&P 500 index futures, reflected by a bearish RSI pointing downward near the 45 level.
The rising trend line support at 3.889 is the level to beat for the bears. Until that support is maintained, the price will continue to move within the pennant in that period of time.
Lower down, the bullishly sloping 200 hourly SMA at 3.875 could be the next target in the event of a downside breakout.
S&P 500 futures 1 hour chart
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