S&P 500 is currently set for its third consecutive day in the red. There are still earnings due from Apple and Amazon later in the day.

Taking a look at the S&P 500 index as it is in the red for the third consecutive day, currently trading at around 4,502. Looking at the daily interval, we can see that the index has fallen below the 20-day moving average and is now approaching the 50-day MA. It has briefly fallen below the support of 4,498 but now pulled back at the US open. A break and close below this support level could see a retracement lower towards 4,447 (50-day MA). The longer-term bias remains bullish but recent news such as the Finch downgrade as well as stronger than expected nonfarm payrolls, have led to increased selling pressure. The short-term outlook is still bearish, though there are earnings yet to come from Amazon and Apple today. These earnings may spark some positivity amongst investors, potentially allowing the index to consolidate. MACD is negative and the RSI is now neutral as it reads 49.