sp 500 short term pull back completed potential direct rise in progress 1821502016
Daily Outlook, Thurs 14 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, Thurs 14 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 staged a pull-back but it is only very minor in nature to print a low of 2146 in the yesterday’s early U.S. session (shed only 0.55%) before it traded sideways.
The pull-back in price action seen yesterday did not hit the upper limit of the predefined short-term support zone of 2140/30 but it can be considered as completed (more details as per highlighted below).
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: 2158
Pivot (key support): 2148
Resistances: 2194 & 2222
Next support: 2110
Short-term pull-back is likely to have ended. As long as the 2148 daily short-term pivotal support holds, the Index is likely to see the continuation of its potential rally to target 2194 before 2222.
On the other hand, failure to hold above the 2148 short-term pivotal support may negate the preferred bullish tone to revive the deeper pull-back scenario to test the next support at 2110 (the pull-back support zone of the former range top bullish breakout).
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