sp 500 potential final push down below 217378 before recovery 1829222016
Daily Outlook, Fri 02 September 2016 (Click to enlarge chart) What happened earlier/yesterday The U.S. SP 500 Index (proxy for the S&P 500 futures) has […]
Daily Outlook, Fri 02 September 2016 (Click to enlarge chart) 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 declined as expected right below the 2178 predefined intermediate resistance. It printed a low of 2156 which is closed our short-term downside target/resistance of 2155.
Please click here for a recap on our previous daily short-term technical outlook/strategy.
Intermediate resistance: 2173
Pivot (key resistance): 2178
Supports: 2155 & 2147
Next resistance: 2194 (medium-term pivot)
Maintain bearish bias for a potential last push down to end corrective decline. As long as the tightened short-term pivotal resistance of 2178 is not surpassed, the Index is likely to shape another down leg towards 2155 and even 2147 before a potential recovery materialises.
However, a clearance above the 2178 short-term pivotal resistance may invalidate the preferred direct drop scenario for a further push up to test the medium-term pivotal resistance of 2194.
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