sp 500 daily outlook for fri 15 may potential push up towards ascending wedge top 613742015
<p>(Click to enlarge charts) What happened yesterday The US SP 500 Index (proxy for the S&P 500) has staged a push up and met the […]</p>
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What happened yesterday
The US SP 500 Index (proxy for the S&P 500) has staged a push up and met the expected first target at 2121.
Please click on this link for a recap on our previous daily outlook.
Key elements
- The Index has broken above the former short-term resistance at 2120 now turns pull-back support at 2120.
- The next resistance will be at 2140/2150 which is the upper boundary of the impending bearish “Ascending Wedge” configuration (see daily chart).
- The 2140/2150 resistance also confluences with multiple Fibonacci projection clusters (click on this link for more details as per mention in our latest weekly outlook).
- The lower boundary of the short-term ascending channel (in orange) in place since 07 May 2015 low now stands at 2108
- The hourly Stochastic oscillator still has some room before reaching its extreme overbought level (see 1 hour chart).
Key levels
Intermediate support: 2120
Pivot (key support): 2108
Resistance: 2140/2150
Next support: 2085
Conclusion
Technical elements remain bullish and we have tightened the daily pivotal support for a potential push up towards the significant resistance zone of 2140/2150.
On the other hand, a break below 2108 is likely to damage the bullish tone for a slide to retest the lower boundary of the “Ascending Wedge” configuration at 2085 (weekly pivotal support).
Disclaimer
The information contained in this material 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 report, 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 Asia Pte Ltd.
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