sp 500 daily outlook for thurs 22 jan bullish breakout from inverse head shoulders 90912015

What happened yesterday The S&P 500 has managed to stage a breakout above the neckline resistance of the bullish “Inverse Head & Shoulders” configuration at […]


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By :  ,  Financial Analyst
January 22, 2015 11:49 AM
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By :  ,  Financial Analyst

S&P 500 (1 hour)-daily forecast-22 Jan 2015What happened yesterday

The S&P 500 has managed to stage a breakout above the neckline resistance of the bullish “Inverse Head & Shoulders” configuration at 2030 as per highlighted in our previous daily outlook reports. Please click on this link for more details on our yesterday’s write-up.

Key elements

  • The Index has broken out of the neckline resistance of  “Inverse Head & Shoulders” configuration now pull-back support at 2028/2025.
  • The Stochastic oscillator is coming close to its “extreme” overbought level which suggests the risk of a pull-back.
  • The 2057 level is the 1.00 Fibonacci projection from 16 January 2015 low to 21 January 2015 low.

Key levels

Intermediate support: 2028/2025

Pivot (key support): 2009/2003

Resistance: 2053/2057

Next support: 1996

Conclusion

Bullish tone remains intact for the S&P 500. However, it may see a pull-back first towards the intermediate support at 2028/2025 before resuming its potential upside movement towards 2053/2057.

However, a break below 2009/2003 (daily pivotal support) may negate the bullish tone for a slide 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 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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