sp 500 risk of minor pull back below 215456 before new rise 1821222016
Daily Outlook, Wed 13 July 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, Wed 13 July 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 moved within our expectation as it rallied towards the 2154 predefined short-term risk level (printed a high of 2155) before it traded sideways.
Please click on this link for a recap on our prior daily short-term technical outlook/strategy.
Today’s key U.S. economic data releases/events as follow:
Intermediate support: 2140/30
Pivot (key support): 2120
Resistances: 2154/56 & 2194
Next support: 2100 (weekly pivot).
Below 2154/56, the Index may see a minor pull-back first to test the 2140/30 intermediate support with a maximum limit set at the 2120 daily short-term pivotal support before another potential rally materialises to target the next resistance at 2194.
On the other hand, failure to hold above the 2120 short-term pivotal support may put the bulls on hold to see a deeper slide towards this week medium-term pivotal support at 2100.
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