The SP500 trying to find some support ahead of the Fed speech. Jerome Powell is expected to speak at 21:00 GMT. Weekly interval indicating bears are still in control.

Taking a look at the SP500 as the index almost tested the supportive trendline of the triangle (4,192), but so far the lowest point this week has been 4,238. Currently, the SP500 is trading at around 4,305, the value of the index is now based in a support-resistance zone. The resistance in this area is 4,325 (level created in the week commencing August 15^th) with the support of 4,238 (low point of this week). A break below 4,238 may see the index test the key support level along the trendline. A move back above 4,325 could lead to some consolidation. Until then, it will be difficult to gauge the near-term direction of the SP500 and the market sentiment. However, for the time being, bears are in control. If we look over at the technical indicators, the MACD remains pretty negative but the RSI is neutral as it reads 47.