sp 500 daily outlook thurs 08 oct 1970 is the short term support to watch for potential push up 1517

(Click to enlarge charts) What happened yesterday The U.S. SP 500 Index (proxy for the S&P 500) has traded sideways below the 2007 weekly pivotal […]

(Click to enlarge charts)

What happened yesterday

The U.S. SP 500 Index (proxy for the S&P 500) has traded sideways below the 2007 weekly pivotal resistance. Please click on this link for a recap on our previous daily outlook.

Key elements

Current price action has drifted back down towards a short-term support level at 19170 defined by the minor swing low at 07 October 2015 @7am, the pull-back support (in orange) and the 23.6% Fibonacci retracement from the recent up move from 02 October 2015 low @9pm to 07 October 2015 high @10pm
The key resistance remains at 2007 which is the range top in place since 28 August 2015 high and the corresponding daily (medium-term) RSI oscillator is still capped by its resistance.
The hourly (short-term) Stochastic oscillator has reached its extreme oversold level which suggests that a potential upturn in price action may occur at this juncture.

Key levels (1 to 3 days)

Pivot (key support): 1970

Resistance: 2007 (weekly pivot)

Next support: 1958/1948

Conclusion

As long as the 1970 short-term (daily pivotal) holds, the Index may see another round of push up to test the 2007 weekly pivotal resistance.

However, a break below the 1970 pivotal support is likely to trigger a deeper slide towards the 1958/1948 zone which is defined by a former resistance area on two occasions during 23 September and 25 September 2015 now turns pull-back support.

Disclaimer

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