The S&P 500 looks positive at the start of the week but the bulls need to take out 3155.75

• The S&P 500 trades over 1% higher at the start of the week. 
• The retail sector is performing well as GAP trades well.

S&P 500 1-hour chart

After a mixed week last week, the S&P 500 has started the week on a positive note. The index has pushed 11.72 (0.38%) so far in cash trade since the open, futures are trading 1.26% to the good. Looking at the technical chart below, The price bounced once again off the blue trendline which is close to the 3074.75 support level. 

The price is currently wrestling with the 200 Simple Moving Average and despite printing above it, there still seems to be some sellers around. If we are looking at the price waves the market did print a wave low last week on Friday. There has also been a lower high making a bearish pattern. Having said this on the higher timeframes the S&P is still in a firm uptrend. Today could be a positive signal if the resistance levels on the chart are broken.

Both the indicators are looking positive as the MACD histogram is green and the Relative Strength Index is above 50 again. The MACD signal lines are close to crossing over to the upside too back in line with the indicator on the higher timeframes. Today could be the day the intraday price action matches up with the higher timeframes and the trend resumes.

Additional levels