sp 500 daily outlook for fri 29 may attempting for a push up towards ascending wedge top 675672015
<p>(Click to enlarge charts) What happened yesterday The US SP 500 Index (proxy for the S&P 500) has drifted towards the intermediate support zone of […]</p>
Share this:
(Click to enlarge charts)
What happened yesterday
The US SP 500 Index (proxy for the S&P 500) has drifted towards the intermediate support zone of 2116/2110 before staging the expected rebound. It almost tested the short-term trendline resistance at 2127 (printed a high of 2125).
Please click on this link for a recap on our previous daily outlook.
Key elements
- The Index is now testing the short-term trendline resistance joining the highs since 19 May 2015 is at 2127.
- The hourly Stochastic oscillator has dipped into the oversold region.
- The lower (support) and upper (resistance) boundaries of the bearish “Ascending Wedge” configuration stands at 2100 and 2150 respectively.
Key levels
Pivot (key support): 2113
Resistance: 2127 & 2150
Next support: 2100
Conclusion
A break above 2127 is likely to trigger a further potential upside movement to target the upper boundary of the bearish “Ascending Wedge” at 2150.
On the other hand, failure to hold above the 2113 pivotal support may negate the bullish tone for a slide to retest the lower boundary of the bearish “Ascending Wedge” at 2100.
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.
Related tags:
Open an account in minutes
Experience award-winning platforms with fast and secure execution, and enjoy tight spreads from 0.5 pts on FX and 0.3 pts on indices.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
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 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.
StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.
In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.
StoneX Financial Pte. Ltd. is not under any obligation to update this report.
Trading CFDs 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 www.forex.com/en-sg/terms-and-policies for the complete Risk Disclosure Statement.