sp 500 daily outlook for wed 18 mar potential push up towards 20852092 339292015
<p>(Click to enlarge chart) What happened yesterday The US SP 500 Index (proxy for the S&P 500) has tested and rebounded from the 2067 daily […]</p>
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What happened yesterday
The US SP 500 Index (proxy for the S&P 500) has tested and rebounded from the 2067 daily pivotal support (neckline of the “Mini Double Bottom”). Please click on this link for more details on our previous daily outlook.
Key elements
- The 2085/2092 resistance also corresponds closely with the key 61.8% Fibonacci retracement from 26 February 2015 high to 13 March 2015 low.
- The exit potential of the “Mini Double Bottom” stands at 2100 which is close to the 2104 weekly pivotal resistance (please click on this link for more details on our latest weekly outlook).
- The hourly RSI oscillator remains above its trendline support.
Key levels
Pivot(key support): 2067
Resistance: 2085/2092 & 2104
Next support: 2039
Conclusion
2067 remains the support to watch for the potential final push up to target 2085/2092 with a maximum limit set at the 2104 weekly pivotal resistance.
However, a break below 2067 is likely to see a decline to retest the 13 March 2015 swing low at 2039.
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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