sp 500 maintain bullish bias and tolerate excess to 2172 1826142016
Daily Outlook, Thursday 11 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, Thursday 11 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 breached below the predefined 2177 short-term pivotal support set in yesterday’s daily short-term technical outlook (printed a low of 2172) and invalidated the bullish continuation “Pennant” pattern.
However, it has managed to stage a rebound in today’s (11 August), European session and traded back up above 2177. Therefore, we can consider yesterday’s price movement as a whipsaw.
Please click on this link to recap our previous daily short-term technical outlook/strategy
Intermediate support: 2177
Pivot (key support): 2172
Resistances: 2184, 2194 & 2200
Next support: 2159/2155 (medium-term pivot)
Tolerate the excess to 2172 and maintain bullish bias. A clear break above 2184 is likely to add impetus for a potential rally to target the next resistance at 2194 and even 2200 next.
However, a break below the 2172 (excess) short-term pivotal support is likely to invalidate the preferred short-term direct rise scenario for a deeper pull-back towards the next support at 2159/55
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