sp 500 daily outlook for 20 jan poised for a potential bullish breakout 88082015

  Key elements The Index is turning up from the lower limit of its ascending channel in place since 16 January 2015. The upper limit […]


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By :  ,  Financial Analyst

S&P 500 (1 hour)-daily forecast-20 Jan 2015

 

Key elements

  • The Index is turning up from the lower limit of its ascending channel in place since 16 January 2015. The upper limit of the ascending channel stands at 2050.
  • The 2050 level also coincides with the 0.764 Fibonacci projection from 16 January 2015 low to 19 January 2015 low.
  • The RSI oscillator remains bullish above its support and 50% level.
  • The Index is being capped by a trendline resistance at 2025.

Key levels

Pivot (key support): 2009

Resistance: 2025 & 2050

Next support: 1996

Conclusion

As long as the 2009 daily pivotal support holds and a break above 2025, the S&P 500 may see a further upside movement to target 2050.

On the other hand, failure to hold above 2009, the Index is likely to stage a decline towards the next support at 1996.

Disclaimer

The information contained in this material is intended for general circulation only.  It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs.  Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser 

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