sp 500 further potential upside above 226558 support 1841012017
Short-term Technical Outlook (Fri, 06 Jan 2016) (Click to enlarge charts) What happened earlier/yesterday The U.S. SP 500 Index (proxy for the S&P 500 futures) […]
Short-term Technical Outlook (Fri, 06 Jan 2016) (Click to enlarge charts) What happened earlier/yesterday The U.S. SP 500 Index (proxy for the S&P 500 futures) […]
The U.S. SP 500 Index (proxy for the S&P 500 futures) has managed to shrug off its initial weakness (down by 0.4%) in the first half on the U.S. session triggered by a weaker than expected ADP employment – a prelude to nonfarm payrolls for December 2016 where it has shown to have added 153K jobs versus a market expectation of 170K.
However, the Index has managed to stage a recovery and close its U.S. session at an intraday high of 2271 where it has maintained its bullish bias since the start of the week. Please click on this link for a recap on our latest weekly technical outlook/strategy published on this Monday, 02 January 2017.
Intermediate support: 2265
Pivot (key support): 2258
Resistances: 2278 (current all-time high), 2285 & 2303
Next support: 2232
As long as the 2258 short-term pivotal support holds, the Index is likely to shape another potential upleg to retest 2278 before target the next resistances at 2285 follow by 2303 next.
On the other hand, a break below 2258 may negate the preferred bullish scenario to see a deeper decline towards the next support at 2232 (31 Dec 2016 swing low area).
Charts are from City Index Advantage TraderPro
Disclaimer
This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this email, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs. All queries regarding the contents of this material are to be directed to City Index, a trading name of GAIN Capital Singapore Pte Ltd.
Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit cityindex.com.sg for the complete Risk Disclosure Statement.