sp 500 further potential upside above 218480 support 1826862016
Daily Outlook, Tuesday 16 August 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, Tuesday 16 August 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 continued to rally within our expectation and recorded another all-time high daily close at 2090. It has also hit our short-term target/resistance at 2194 as per defined in our previous daily technical outlook/strategy published last Friday, 12 August 2016 (click here for a recap).
Intermediate support: 2184
Pivot (key support): 2180
Resistances: 2200 & 2209/2212
Next support: 2159/55
Maintain bullish stance to see a potential new record high. As long as the 2180 daily short-term pivotal support holds, the Index is likely to shape another potential upleg to target the next resistance sat 2200 and even 2209/2212 in the first step.
However, a break below the 2180 short-term pivotal support may invalidate the preferred bullish scenario to open up scope for a deeper pull-back/consolidation towards this week’s medium-term pivotal support zone of 2159/55.
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