sp 500 daily outlook for thurs 29 jan rebound invalidated potential push down toward range support a

What happened yesterday The S&P 500 has broken below our daily/weekly pivotal support at 2023 and invalidated our expected recovery scenario. Please click on this […]


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By :  ,  Financial Analyst
January 29, 2015 12:51 PM
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By :  ,  Financial Analyst

S&P 500 (4 hour)-daily forecast-29 Jan 2015

S&P 500 (1 hour)-daily forecast-29 Jan 2015

What happened yesterday

The S&P 500 has broken below our daily/weekly pivotal support at 2023 and invalidated our expected recovery scenario. Please click on this link for more details on our previous daily outlook.

Key elements

  • The Index has been evolving within an “Expanding Wedge” range configuration with lower limit at 1980/1975 (see 4 hour chart).
  • Current price action still has some “room” for potential downside before reaching the 1980/1975 support (lower limit of the “Expanding Wedge” (see 1 hour chart).
  • The short-term Stochastic oscillator still has some “room” before reaching its “extreme” overbought level (see 1 hour chart).

Key levels

Intermediate resistance: 2008

Pivot (key resistance): 2022

Support: 1980/1975

Next resistance: 2067/2070

Conclusion

Elements advocate for a push up towards the intermediate resistance at 2008 with a maximum limit set at the 2022 daily pivotal resistance before a potential downside movement towards the 1980/1975 range support of the “Expanding Wedge”.

However, a push above 2022 may negate the short-term bearish tone to see a further push up towards the next resistance at 2067/2070.

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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