sp 500 2148 support to watch for potential direct rise 1822062016
Daily Outlook, Tues 19 July 2016 (Click to enlarge charts) What happened earlier/yesterday The U.S. SP 500 Index (proxy for the S&P 500 futures) has […]
Daily Outlook, Tues 19 July 2016 (Click to enlarge charts) What happened earlier/yesterday The U.S. SP 500 Index (proxy for the S&P 500 futures) has […]
The U.S. SP 500 Index (proxy for the S&P 500 futures) has traded sideways after hitting last week high of 2174. Till to date, this sideway range configuration is evolving within a tight 19 points from last Friday, 15 July low of 2155 as market awaits for fresh catalysts perhaps from more upbeat Q2 earnings announcements from key companies in order for it to push higher towards new highs.
Please click here for more details as per highlighted in our latest weekly/medium-term technical outlook/strategy published yesterday, 18 July 2016.
Intermediate support: 2158
Pivot (key support): 2148
Resistances: 2194 & 2222
Next support: 2120 (medium-term pivot)
Maintain bullish bias. As long as the 2148 daily short-term pivotal support holds, the Index is likely to stage another round of potential upleg to target the next resistances at 2194 and even 2222 in the first step.
However, a break below the 2148 short-term pivotal support may negate the preferred bullish tone to see a deeper pull-back to test the current medium-term pivotal support at 2120.
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