sp 500 daily outlook for tues 23 june 2128 remains the key resistance to watch 742932015
<p>(Click to enlarge charts) What happened earlier The US SP 500 Index (proxy for the S&P 500) has spiked higher and retested the 2128 range […]</p>
Share this:
(Click to enlarge charts)
What happened earlier
The US SP 500 Index (proxy for the S&P 500) has spiked higher and retested the 2128 range top before staging a retreat in the yesterday’s late session.
Key elements
- The Index is now back at the 2128 range top in place since late February 2015 which also confluences with the 76.4% Fibonacci retracement from 19 May 2015 high to 09 June 2015 low and 1.236 Fibonacci projection from 09 June 2015 low to 15 June 2015 low.
- The intermediate term RSI oscillator is still below its trendline resistance (see daily chart).
- The pull-back support of the former trendline resistance (in pink) stands at 2105.
- The hourly Stochastic oscillator has reached its extreme overbought level which suggests limited upside potential.
Key levels
Pivot (key resistance): 2128 (weekly pivot)
Support: 2120 & 2105
Next resistance: 2140 & 2170
Conclusion
As long as the 2128 pivotal resistance is not surpassed, the Index is likely to see a decline towards 2120 before targeting 2105 next.
On the other hand, a clearance above 2128 is likely to invalidate any medium term bearish movement to see a push up to test 2140 next before targeting a potential record new high at 2170.
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:
Latest market news
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.