sp 500 daily outlook thurs 08 oct 1970 is the short term support to watch for potential push up 1517
<p>(Click to enlarge charts) What happened yesterday The U.S. SP 500 Index (proxy for the S&P 500) has traded sideways below the 2007 weekly pivotal […]</p>
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What happened yesterday
The U.S. SP 500 Index (proxy for the S&P 500) has traded sideways below the 2007 weekly pivotal resistance. Please click on this link for a recap on our previous daily outlook.
Key elements
- Current price action has drifted back down towards a short-term support level at 19170 defined by the minor swing low at 07 October 2015 @7am, the pull-back support (in orange) and the 23.6% Fibonacci retracement from the recent up move from 02 October 2015 low @9pm to 07 October 2015 high @10pm
- The key resistance remains at 2007 which is the range top in place since 28 August 2015 high and the corresponding daily (medium-term) RSI oscillator is still capped by its resistance.
- The hourly (short-term) Stochastic oscillator has reached its extreme oversold level which suggests that a potential upturn in price action may occur at this juncture.
Key levels (1 to 3 days)
Pivot (key support): 1970
Resistance: 2007 (weekly pivot)
Next support: 1958/1948
Conclusion
As long as the 1970 short-term (daily pivotal) holds, the Index may see another round of push up to test the 2007 weekly pivotal resistance.
However, a break below the 1970 pivotal support is likely to trigger a deeper slide towards the 1958/1948 zone which is defined by a former resistance area on two occasions during 23 September and 25 September 2015 now turns pull-back support.
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