sp 500 further potential upside above 213020 1820952016
Daily Outlook, Tues 12 July 2016 (Click to enlarge charts) What happened earlier/yesterday The U.S. SP 500 Index (proxy for the S&P 500 futures) has […]
Daily Outlook, Tues 12 July 2016 (Click to enlarge charts) What happened earlier/yesterday The U.S. SP 500 Index (proxy for the S&P 500 futures) has […]
The U.S. SP 500 Index (proxy for the S&P 500 futures) has performed as expected and hit a new all-time high yesterday printed a high of 2143 (above the May 2015 high of 2134/38) and closed at 2137.
As per highlighted in our earlier technical outlook/strategies both weekly and short-term, the S&P 500 will be the market leader among the major benchmark indices as it has likely completed its corrective cycle wave IV (Elliot Wave Principal & fractal analysis) earlier than the rest (on 11 February 2016 low of 1807.
Please click on this link to recap our latest weekly (medium-term) technical outlook/strategies for major stock indices published yesterday.
Today’s U.S. key economic data releases/events
Intermediate support: 2130
Pivot (key support): 2120
Resistances: 2154 & 2194
Next support: 2100 (weekly pivot).
Maintain bullish bias but a potential minor pull-back/consolidation cannot be ruled out at the 2154 intermediate resistance (median line of the short-term ascending channel) towards the intermediate support at 2130 with a maximum limit set at the 2120 daily short-term pivotal support. Thereafter, the Index is likely to resume its potential ascend to target the next resistance at 2194 in the first step.
However, a break below the 2120 short-term pivotal support is likely to negate the preferred bullish tone to see a further slide to test this week medium-term pivotal support set at 2100.
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