sp 500 daily outlook for tues 24 mar bullish trend remains intact above 2092 369092015
<p>(Click to enlarge chart) What happened earlier The US SP 500 Index (proxy for the S&P 500) has managed to stage a rally and broke […]</p>
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What happened earlier
The US SP 500 Index (proxy for the S&P 500) has managed to stage a rally and broke above 2104/2106 former resistance and traded sideways yesterday, 23 March 2015.
Key elements
- Price action is evolving within a short-term ascending channel (in orange) in place since 13 March 2015 with upper (resistance) and lower (support) boundaries at 2127/2132 and 2092 respectively.
- Current price action appears to be involving in a mini bullish “Pennant” chart formation with its upper limit at 2113. This type of chart usually suggests a consolidation (breather) before price resumes its prior upside movement.
- The 2127/2132 resistance also confluences with a Fibonacci projection cluster.
Key levels
Pivot (key support): 2092
Resistance: 2113 & 2127/2132
Next support: 2080 (weekly pivot)
Conclusion
Bullish trend remains intact. A break above 2113 (upper limit of the “Pennant”) is likely to trigger an upside movement to target the 2127/2132 resistance zone.
However, failure to hold above the 2092 daily pivotal resistance may negate the bullish tone to see a slide to test the 2080 weekly pivotal support (please click on this link for more details on our latest weekly outlook).
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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