sp 500 daily outlook fri 18 mar 2016 challenging the 204046 risk zone 1802602016
(Click to enlarge charts) What happened yesterday/earlier The U.S. SP 500 Index (proxy for the S&P 500 futures) had a volatile session as it had […]
(Click to enlarge charts) What happened yesterday/earlier The U.S. SP 500 Index (proxy for the S&P 500 futures) had a volatile session as it had […]
The U.S. SP 500 Index (proxy for the S&P 500 futures) had a volatile session as it had declined initially in the European session to 2015 before it reversed up to challenge the upper limit of the risk zone a 2040 in the U.S. session(printed a high of 2046).
Please click on this link for a recap on our previous daily short-term outlook/strategy.
Pivot (key resistance): 2040/46
Support: 2020 & 2004
Next resistance: 2081
We are maintaining our bearish bias for the Index to see the start of a potential multi-week decline. 2046 will be the pivotal resistance now and the Index needs to break below the 2020 first support to gain impetus for a potential slide to target the next support at 2004 in the first step.
On the other hand, a break above the 2046 pivotal resistance is likely to invalidate the expected bearish scenario to open up scope for an extension of the countertrend rally towards the next resistance at 2081 (the descending trendline that has linked the lower lows of the impending “Double Top” since the current all-time high of 2138 printed in May 2015).
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