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Usa500: Inside day below a daily resistance

U.S stocks started weaker as fears of an impending Fed rate hike continue to weigh on investor sentiment following Friday’s payrolls report. Things will be relatively quiet on the economic and earnings fronts.

Last week the nonfarm payrolls report dominated financial headlines as U.S employers added more positions than expected in February, while the unemployment rate fell to its lowest level since May 2008.

The Usa500 last month rose 5.78% and is in a bullish phase but trading below the 10-day moving average. Yesterday, the Usa500 initially fell but found enough buying pressure, near Friday’s low, to reverse and close near the high of the day. Stochastic is showing a overbought market.

Expecting upward move to 2,117.25 on a break above the 10-day moving average at 2,092.30 (scenario 1) or a break below the 50-day moving average at 2,055.78 could pull the index to a daily support at 2014.

Usa500 is a CFD written over S&P500 futures.