sp 500 daily outlook for wed 19 aug mixed elements turn neutral between 2100 2078 1070042015

(Click to enlarge chart) What happened yesterday The US SP 500 Index (proxy for the S&P 500) has tested and staged a rebound from the […]

(Click to enlarge chart)

What happened yesterday

The US SP 500 Index (proxy for the S&P 500) has tested and staged a rebound from the 2094 daily pivotal support.

Please click on this link for a recap on our previous daily outlook.

Key elements

Current price action has pierced below the 2094 support (lower boundary of the short-term ascending channel from 13 August 2015 low@12am) and reintegration back into the descending wedge range configuration (in dotted brown) in place since 21 July 2015 high @3am.This observation has invalidated the bullish dynamic.
The hourly Stochastic has exited from the oversold region
The short-term descending trendline (in pink) that is capping the Index since 18 August 2015 is now at 2100.

Key levels

Support: 2078 & 2058

Resistance: 2100, 2113 & 2128/2138

Conclusion

We turn neutral for now due to mixed and unclear technical elements. Only a break above 2100 is likely to revive the bullish bias for a push up to target 2113 and even the 5-month range top at 2128/2138.

On the other hand, a break below 2078 may see a deeper decline towards the lower boundary of the short-term descending wedge range configuration at 2058.

Disclaimer

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