sp 500 pull back before new potential rise 1839612016
Short-term Technical Outlook (Wed, 07 Dec 2016) (Click to enlarge chart) What happened earlier/yesterday As per highlighted in our previous short-term update dated on 02 […]
Short-term Technical Outlook (Wed, 07 Dec 2016) (Click to enlarge chart) What happened earlier/yesterday As per highlighted in our previous short-term update dated on 02 […]
As per highlighted in our previous short-term update dated on 02 December 2016, we expect the pull-back seen in the U.S. SP 500 Index (proxy for the S&P 500 futures) to end at or near the 2178 support level before the start of another upleg (click here for a recap).
Indeed, the Index has moved within our expectation and continued to push higher. In addition, it almost hit its current all-time high of 2214 (printed a high of 2213 in yesterday’s U.S. session).
Intermediate support: 2200
Pivot (key support): 2195 (50% Fibonacci retracement of the up move from 2179 low & congestion)
Resistances: 2230 & 2245
Next support: 2178 (medium-term pivot)
The bullish trend in place since the 2179 low of 05 December 2016 remains intact but the Index may see a pull-back first at this juncture towards 2200 with a maximum limit set at the 2195 short-term pivotal support before another potential upleg materialises to target the next resistance at 2230.
On the other hand, a break below 2195 is likely to put the bulls on hold again to see a further slide to retest the 2178 medium-term pivotal support.
Charts are from City Index Advantage TraderPro
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