The US 500 index is moving slightly lower after the sharp buying interest in the previous week pared some of the steep losses from earlier in the month. The price is developing below the bearish crossover within the 20 and 40 simple moving averages in the daily timeframe, suggesting downward pressure.
From the technical point of view, the MACD oscillator is holding below the zero line but jumped above the trigger line in the previous sessions. The stochastic oscillator is moving lower and posted a bearish crossover in the overbought zone.
Should the index record losses, support could come at the 23.6% Fibonacci retracement level at 2,625 of the up-leg with the low of 1,807.30 and the high of 2,876. Falling below this level could help shift the focus to the downside towards the 2,530 support barrier.
Conversely, further advancing could see the index meeting the immediate resistance around the 2,756 barrier. A stronger bullish movement would turn the attention towards the 2,876 mark, this being the peak from January 29.