sp 500 daily outlook for fri 23 jan potential final push up towards 20752078 before risk of setback

What happened yesterday The S&P 500 has continued to rally and met our target at 2053/2057 as expected. Please click on this link for […]

What happened yesterday

The S&P 500 has continued to rally and met our target at 2053/2057 as expected. Please click on this link for more details on our previous day’s outlook.

Key elements

The Index has continued to stage a further upside movement towards the upper limit (2075/2078) of the short-term ascending channel (in orange) in place since 16 January 2015.
The 2075/2078 resistance also confluences with a Fibonacci cluster.
The 34-period Moving Average is coming to support the Index at around 2049.
The 2049 level also coincides with the 23.6% Fibonacci retracement from 21 January 2015 low to its current high.
The Stochastic oscillator has dipped into the oversold region.

Key levels

Pivot (key support): 2049

Resistance: 2064 & 2075/2078

Next support: 2028/2025

Conclusion

The short-term bullish trend in place since 16 January 2015 low remains intact for the S&P 500. As long as the daily pivotal support at 2049 holds, the Index is likely to stage a potential push up towards 2064 before 2075/2078.

*A point of caution is that we are likely in the final stage of this short-term bullish trend based on the fractal approach (Elliot Wave) and we may start to see a setback (wave 4) below 2075/2078.

On the other hand, failure to hold above 2049 may invalidate the “push up scenario” to see a slide towards the next support at 2028/2025 (also the lower limit of the short-term ascending channel).

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 regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs. All queries regarding the contents of this material are to be directed to City Index Asia Pte Ltd.

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