The September S&P 500 index closed lower on Wednesday as it extends Tuesday's decline below the 20-day moving average crossing at 917.81.
The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If September extends this week's decline, the reaction low crossing at 874.00 is the next downside target.
Closes above last week's high crossing at 952.50 would confirm that a low has been posted. First resistance is the 20-day moving average crossing at 917.81. Second resistance is the 10-day moving average crossing at 929.00. First support is today's low crossing at 899.50. Second support is the reaction low crossing at 874.00.