sp 500 further potential weakness below 2373 before recovery 1846072017
Short-term Technical Outlook (Thurs, 09 Mar 2017) (Click to enlarge charts) What happened earlier/yesterday The U.S. S&P 500 Index (proxy for the S&P 500 futures) […]
Short-term Technical Outlook (Thurs, 09 Mar 2017) (Click to enlarge charts) What happened earlier/yesterday The U.S. S&P 500 Index (proxy for the S&P 500 futures) […]
The U.S. S&P 500 Index (proxy for the S&P 500 futures) had continued to inch downwards below 2370 and gave back all the previous gains that were triggered by U.S. President Trump’s State of The Union speech.
Pivot (key resistance): 2373
Supports: 2353/48 & 2338 (medium-term pivot)
Next resistance: 2400
The Index is still undergoing a corrective decline which is likely to be coming to an end soon holding above the 2338 medium-term pivotal support (click here for a recap on our latest weekly technical outlook).
On the shorter-term (1 to 3 days), as long as the 2373 short-term pivotal resistance is not surpassed, the Index may see further weakness to target the next supports at 2353 follow by 2348.
However, a clearance above 2373 is likely to invalidate the bearish tone to see the start of a recovery to retest the current all-time high area of 2400 in the first step.
Charts are from City Index Advantage TraderPro
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