sp 500 daily outlook for wed 29 apr potential final push up towards 2140 540852015
<p>(Click to enlarge charts) What happened yesterday The US SP 500 Index (proxy for the S&P 500) has dropped earlier and almost hit our expected […]</p>
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What happened yesterday
The US SP 500 Index (proxy for the S&P 500) has dropped earlier and almost hit our expected target of 2088 (printed a low of 2094) before reversing up strongly.
Please click on this link to review our previous daily outlook.
Key elements
- Price action has initially reintegrated below the pull-back support of the former range top (in pink) but reversed back up and formed a bullish daily “Hammer” candlestick pattern.
- The pull-back support of the former range top (in pink) now stands at 2108.
- The upper limit (resistance) of the “Expanding Wedge” formation (in dark blue) in place since November 2014 stands at 2140.
- The 2140 resistance also confluences with a Fibonacci projection cluster.
Key levels
Pivot (key support): 2108
Resistance: 2140
Next support: 2094 & 2070
Conclusion
Yesterday’s price action has created some “noise” at the 2108 pull-back support of the former range top. Interestingly, the Index has closed with a positive daily candlestick pattern (Hammer).
As long as the 2108 daily pivotal support holds, the Index may see a final push up towards the 2140 significant resistance.
However, a break below 2108 is likely to see another choppy session to test the next support at 2094. Only a crack below 2094 may trigger a further decline towards 2070 next.
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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