sp 500 daily outlook for friday 06 mar risk of a short term decline diminishes watch the 2103 resist
<p>(Click to enlarge charts) What happened yesterday The US SP 500 Index (proxy for the S&P 500) has inched higher and challenged the 2102 daily […]</p>
Share this:
What happened yesterday
The US SP 500 Index (proxy for the S&P 500) has inched higher and challenged the 2102 daily pivotal resistance. However, it did not have a clear close above 2102.
Please click on this link for more details on our previous daily outlook.
Key elements
- Price action has continued to hold above the 2094 pull-back support (as indicated by the yellow shaded boxes) (see daily chart).
- The intermediate term RSI oscillator remains bullish above its support and 50% level (see daily chart).
- The upper limit of an “Expanding Wedge” configuration in place since late December 2014 stands at 2128 (see daily chart).
- Yesterday’s price action has just exited from a former short-term descending channel (in dotted red) (see 1 hour chart).
- The first short-term resistance stands at 2103 (see 1 hour chart).
Key levels
Pivot (key support): 2094
Resistance: 2103, 2117 & 2122/2128
Next support: 2085
Conclusion
Current technical elements do not advocate for a direct decline scenario at the moment. A break above the 2103 resistance is likely to trigger a potential push up to target 2117 with a maximum limit set at 2122/2128 (upper limit of the “Expanding Wedge”).
On the other hand, failure to hold above the 2094 daily pivotal support may see a slide towards the next support at 2085.
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.
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.