sp 500 start of another potential down move below 218594 resistance 1828722016
Daily Outlook, Tues 30 August 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, Tues 30 August 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 managed to stage a recovery yesterday (up 05%) after last Friday, 26 August weak closing due to Fed Chairwoman Yellen’s hawkish speech on Fed’s interest rate policy during the Jackson Hole conference.
However, technical elements are still not so rosy at the moment to advocate for a further up move at this juncture.
Intermediate resistance: 2185
Pivot (key resistance): 2194 (medium-term)
Supports: 2168 & 2155
Next resistance: 2222
Maintain bearish bias. As long as the medium-term pivotal resistance at 2194 is not surpassed, the Index is likely to shape another potential downleg to target the next supports at t2168 and 2155 in the first step.
On the other hand, a clear break (daily close) above the 2194 medium-term pivotal resistance is likely to invalidate our preferred bearish scenario to see the start of another impulsive bullish up move towards the next resistance at 2222.
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