sp 500 daily outlook wed 27 apr 2016 risk of a decline below 2100 1808672016
(Click to enlarge charts) What happened yesterday/earlier The U.S. SP 500 Index (proxy for the S&P 500 futures) has traded sideways below the predefined 2100 […]
(Click to enlarge charts) What happened yesterday/earlier The U.S. SP 500 Index (proxy for the S&P 500 futures) has traded sideways below the predefined 2100 […]
The U.S. SP 500 Index (proxy for the S&P 500 futures) has traded sideways below the predefined 2100 intermediate resistance. Today’s key economic event will be the Fed meeting @1830GMT, click over here for a specific related Fed article.
Please click on this link for a recap on our previous short-term daily outlook/strategy.
Pivot (key resistance): 2100
Supports: 2077, 2065 & 2036
Next resistances: 2110 (weekly pivot)
Bearish bias remains intact and given the underperformance of the Nasdaq 100, we have tightened the short-term daily pivotal resistance to 2100 on the U.S. SP 500 Index for a potential decline to 2077 before the 2065 support. Only a break below 2065 may trigger a deeper slide to test the 2036 support (the swing low area of 8/12 April 2016 and the 23.6% Fibonacci retracement of the whole up move from 11 February 2016 to last week high of 2111).
However, a break above 2100 pivotal resistance is likely to invalidate the bearish expectation to see a choppy price action to retest the recent high of 2110.
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