sp 500 daily outlook tues 15 sep potential push up towards range top 1307162015

(Click to enlarge chart) Key elements The U.S. SP 500 Index (proxy for the S&P 500) has continued to trade within a sideways range configuration […]

(Click to enlarge chart)

Key elements

The U.S. SP 500 Index (proxy for the S&P 500) has continued to trade within a sideways range configuration since 28 August 2015 high.
Current price action has managed to hold above the lower limit of the range which is also the 1938 weekly pivotal support (please click on this link for more details on our latest weekly outlook).
The hourly (short-term) Stochastic oscillator has just exited from its oversold region which suggests that upside momentum has started to resurface.
The range top stands at 1994.

Key levels (1 to 3 days)

Pivot (key support): 1938

Resistance: 1994

Next support: 1910

Conclusion

As long as the 1938 daily pivotal support holds, the Index is likely to see a push up to test the sideways range top at 1994.

However, a break below 1938 may damage the short-term bullish scenario for a push down to test the next support at 1910

Disclaimer

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