sp 500 daily outlook for thurs 26 feb maintain bearish bias below 2128 249912015
<p>(Click to enlarge chart) What happened yesterday The US SP 500 Index (proxy for the S&P 500) has traded sideways below the 2128 daily pivotal […]</p>
Share this:
(Click to enlarge chart)
What happened yesterday
The US SP 500 Index (proxy for the S&P 500) has traded sideways below the 2128 daily pivotal resistance. Please click on this link for more details on our previous daily outlook.
Key elements
- The Index remains below the upper limit of the Expanding Wedge” configuration at 2128 which is also a Fibonacci projection cluster level .
- The hourly Stochastic oscillator still has some “room” for downside potential before reaching its oversold region.
- The 2085 support also corresponds closely with the 23.6% Fibonacci retracement from 02 February 2015 low to 20 February 2015 high.
Key levels
Pivot (key resistance): 2128
Support: 2100 & 2085
Next resistance: 2140/2170 (weekly pivot)
Conclusion
As long as the 2128 daily pivotal resistance is not surpassed, the Index is likely to stage a decline towards 2100 before 2085.
On the other hand, a break above 2128 may see a further push up towards the 2140/2170 weekly pivotal resistance.
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.