sp 500 daily outlook tues 20 oct potential push up towards 20502060 risk zone 2487192015

(Click to enlarge charts)

Key elements

The U.S. SP 500 Index (proxy for the S&P 500) has continued to inch higher from its former short-term range top area at 09 October to 13 October 2015 now turns pull-back support at 2022.
The significant medium-term resistance zone remains at 2050/2060 which is defined by 2050/2060 which is defined by the pull-back resistance of the former swing lows from 11 March to 05 June 2015, the 200-day Moving Average and upper boundary of a shorter-term ascending channel in place since 29 September 2015 low
The 2050/2060 resistance also confluences with the 5^th wave target of 1.00 time of the length of wave 1 projected from the low of wave 4 (1991) seen at 15 October 2015 @2am based on the Elliot Wave Principal.
The daily (medium-term) Stochastic oscillator has reached its extreme overbought level which suggests limited further potential upside after a current ally of 8.7% seen from the 29 September 2015 low.
The hourly (short-term) RSI oscillator still remains bullish above its support and the 50% neutrality level. This observation suggests there are “some pockets” of short-term upside momentum left a potential push up.

Key levels (1 to 3 days)

Pivot (key support): 2022

Resistance: 2050/2060

Next support: 1992

Conclusion

As long as the 2022 daily (short-term) pivotal support remains intact, the Index is likely to see potential push up towards the key 2050/2060 resistance zone.

However, a break below the 2022 pivotal support may negate the bullish tone to see a pull-back to retest the neckline support of the “Double Bottom” bullish breakout at 1992.

Disclaimer

This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this email, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs. All queries regarding the contents of this material are to be directed to City Index, a trading name of GAIN Capital Singapore Pte Ltd.

Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit cityindex.com.sg for the complete Risk Disclosure Statement.

From time to time, StoneX Financial Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.

FOREX.com is a trading name of StoneX Financial Pty Ltd.

The material provided herein is general in nature and does not take into account your objectives, financial situation or needs.

While every care has been taken in preparing this material, we do not provide any representation or warranty (express or implied) with respect to its completeness or accuracy. This is not an invitation or an offer to invest nor is it a recommendation to buy or sell investments.

StoneX recommends you to seek independent financial and legal advice before making any financial investment decision. Trading CFDs and FX on margin carries a higher level of risk, and may not be suitable for all investors. The possibility exists that you could lose more than your initial investment and CFD investors do not own or have any rights to the underlying assets.

It is important you consider our Financial Services Guide and Product Disclosure Statement (PDS) available at www.forex.com/en-au/terms-and-policies/, before deciding to acquire or hold our products. As a part of our market risk management, we may take the opposite side of your trade. Our Target Market Determination (TMD) is also available at www.forex.com/en-au/terms-and-policies/.

StoneX Financial Pty Ltd, Suite 42.01, 264 George Street, Sydney, NSW 2000 (ACN 141 774 727, AFSL 345646) is the CFD issuer and our products are traded off exchange.

Delayed London Stock Exchange (LSE) Data

The London Stock Exchange (LSE) market data displayed or referenced on this website is provided on a delayed basis and is not in real time. The delay period may vary but is typically at least 15 minutes. This data is intended for information purposes only and should not be relied upon for trading, investment, or other financial decisions. We do not guarantee the completeness, reliability, or suitability of the data for any particular purpose. Users should consult real-time data sources and obtain professional advice before making any financial decisions.