The S&P 500 has surprisingly opened higher on Monday despite negative headlines out of China. The Chinese central bank cut several important interest
that may also color the Fed Chair’s speech are Wednesday’s S&P Global Manufacturing and Services PMIs and Thursday’s Durable Goods Orders. Market consensus has the August Manufacturing PMI improving 40 basis points to 49.4 and the Services PMI remaining flat at 52.3. July Durable Goods Orders are expected to arrive at -4% compared with June’s 4.6%.
Traders should expect to see the index at least move to the 100-day SMA – near 4,300 at the time of writing. That support level would make sense as well since it sits between support at 4,325 and the top of the earlier resistance band of 4,200. The S&P 500 is already trading at 34 on the Relative Strength Index . Despite the fact that the RSI appears to be nearing “oversold” status on the daily RSI, the weekly RSI on the weekly chart below offers a reading of 55.
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