sp 500 daily outlook for wed 13 may 2121 is the potential upside trigger 609662015
<p>(Click to enlarge chart) What happened yesterday The US SP 500 Index (proxy for the S&P 500) has drifted lower but held above the 2097 […]</p>
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What happened yesterday
The US SP 500 Index (proxy for the S&P 500) has drifted lower but held above the 2097 daily pivotal support as expected. During today’s early European session (14 May 2015), the Index has rallied and is coming close to our expected target at 2118/2123
Please click on this link to recap our previous daily outlook.
Key elements
- The Index is now coming close to the intermediate resistance at 2121.
- The hourly Stochastic oscillator is now at its “extreme” overbought level.
- The next resistance level is at 2140 which confluences with multiple Fibonacci projection clusters (click on this link for more details as per mention in our latest weekly outlook).
Key levels
Pivot (key support): 2097
Resistance: 2121 & 2140
Next support: 2085
Conclusion
Current technical elements suggest the Index faces the risk of a pull-back first below the intermediate resistance at 2121, holding above the 2097 daily pivotal support. Thereafter, the upside movement is likely to resume and a break above 2121 may add impetus for further potential upside to target 2140 next.
However, failure to hold above 2097 may see a slide to retest the lower boundary of the “Ascending Wedge” configuration at 2085 (weekly pivotal support).
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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