sp 500 risk of further weakness below 2352 2691172017
Short-term Technical Outlook (Thurs, 20 Apr 2017) (Click to enlarge charts) What happened earlier/yesterday The U.S. S&P 500 Index (proxy for the S&P 500 futures) […]
Short-term Technical Outlook (Thurs, 20 Apr 2017) (Click to enlarge charts) What happened earlier/yesterday The U.S. S&P 500 Index (proxy for the S&P 500 futures) […]
The U.S. S&P 500 Index (proxy for the S&P 500 futures) had a failure bullish breakout yesterday at the opening of the U.S. session as it reintegrated back below the minor descending trendline resistance from 05 April 2017 high.
Yesterday’s price movement of the Index has reduced the probability of a short-term rebound towards the 2364 medium-term pivotal resistance where we still maintain our medium-term bearish bias (click here for a recap of our latest weekly technical outlook).
Intermediate resistance: 2344
Pivot (key resistance): 2352
Supports: 2326 & 2312
Next resistance: 2364 (medium-term pivot)
The Index may see a residual push up towards 2344/2352 key short-term resistance zone before another potential downleg materialises to retest 17 April 2017 minor swing low of 2326 before targeting the next support of 2312.
On the other hand, a clearance above the 2352 short-term pivotal resistance is likely to invalidate the preferred bearish bias to see a further squeeze up to test the 2364 medium-term pivotal resistance.
Charts are from City Index Advantage TraderPro
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