sp 500 short term technical outlook final potential push down to test 21102100 1834482016
Mon, 17 Oct 2016 (Click to enlarge charts) What happened earlier The U.S. SP 500 Index (proxy for the S&P 500 futures) has indeed shaped […]
Mon, 17 Oct 2016 (Click to enlarge charts) What happened earlier The U.S. SP 500 Index (proxy for the S&P 500 futures) has indeed shaped […]
The U.S. SP 500 Index (proxy for the S&P 500 futures) has indeed shaped a short-term push up in last Friday’s U.S. session (14 October) after oversold conditions seen in short-term momentum indicators on last Thursday (13 October).
Interestingly, last Friday’s rally stopped right below the 2150 medium-term potential upside trigger which we have highlighted in our latest weekly technical outlook published on last Friday, 14 October (click here for a recap).
Pivot (key resistance): 2135
Support: 2110/2100 (medium-term pivot)
Next resistance: 2150 (medium-term upside trigger)
Short-term technical elements are bearish. Thus, as long as the 2135 short-term pivotal resistance is not surpassed, the Index may see a final potential push towards 2110 with a maximum limit set at 2100 before a recovery materialises.
However, a clearance above 2135 is likely to invalidate the preferred “last push down” scenario for a push up to retest the 2150 resistance in the first step.
Charts are from City Index Advantage TraderPro
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