sp 500 daily outlook for tues 27 jan risk of a pull back before new potential upleg above 2044 suppo

What happened yesterday The S&P 500 has broken below our daily pivotal support at 2049 last Friday and tumbled to our alternate target at 2028 […]


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By :  ,  Financial Analyst
January 27, 2015 4:15 PM
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By :  ,  Financial Analyst

S&P 500 (1 hour)-daily forecast-27 Jan 2015What happened yesterday

The S&P 500 has broken below our daily pivotal support at 2049 last Friday and tumbled to our alternate target at 2028 before staging a recovery. Please click on this link for our previous daily outlook.

Key elements

  • The lower boundary of the short-term ascending channel in place since 16 January 2015 is now at 2044.
  • The 2044 support also corresponds with the 23.6% Fibonacci retracement from 16 January 2015 low to its current high and 100-period Moving Average.
  • The Stochastic oscillator is coming close to the “extreme” oversold region.

Key levels

Intermediate support: 2050

Pivot (key support): 2044

Resistance: 2070/2078

Next support: 2028/2023

Conclusion

The S&P 500 may stage a pull-back towards 2050 with a maximum limit set at the 2044 daily pivotal support 2044 before another potential push up towards the 2070/2078 region.

However, failure to hold above 2044 is likely to see a deeper slide towards the 2028/2023 weekly pivotal support.

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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