sp 500 short term setback invalidated bullish tone remains intact above 2061 1819512016
Daily Outlook, Thurs 29 June 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, Thurs 29 June 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 continued its relentless climb and broke above the predefined short-term upside target/resistance at 2057/63 which invalidated our preferred short-term pull-back/consolidation highlighted in our yesterday’s short-term technical outlook/strategy.
From its post Brexit low of 1991 seen on this Monday’s U.S. session 27 June, the Index has rallied by 4.6% to yesterday, closing U.S. session high of 2083 (close to our expected medium-term target/resistance of 2084 set for this week).
Please click here to recap our prior short-term daily technical outlook/strategy.
Today key U.S. economic data releases as follow:
Pivot (key support): 2061
Resistances: 2084 & 2100/105
Next support: 2027
Turn bullish as short-term pull-back/consolidation scenario invalidated. We have set a tight short-term pivotal support at 2061 for a potential further upside movement to target 2084 before 2100/105.
On the other hand, failure to hold above the 2061 pivotal support is likely to invalidate our preferred direct rise scenario for a deeper pull-back towards the next support at 2027 (minor congestion area and the 61.8% Fibonacci retracement of the rally from this Monday U.S. session low to yesterday high of 2083).
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