sp 500 daily outlook thurs 17 sep bullish tone remains intact above 19851974 support 1325322015
<p>(Click to enlarge chart) What happened yesterday The U.S. SP 500 Index (proxy for the S&P 500) has performed better than expected and broke above […]</p>
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What happened yesterday
The U.S. SP 500 Index (proxy for the S&P 500) has performed better than expected and broke above the 1994 range top (resistance).
Please click on this link for a recap on our previous daily outlook.
Key elements
- The Index has broken above its former range top now turns pull-back support at 1985
- The daily (intermediate-term) RSI oscillator still has some room for upside before reaching its resistance. This observation suggests that the Index is still possible to see a further push up.
- The next significant resistance stands at 2040/50 which is the former range bottom (support) in May/July 2015.
- The hourly (short-term) Stochastic oscillator continues to inch downwards and it is coming close to its oversold region. This observation indicates that the on-going pull-back in price action is coming close to a potential reversal point where the Index is likely to resume its upside movement.
Key levels (1 to 3 days)
Immediate support: 1985
Pivot (key support): 1974
Resistance: 2040/2050
Next support: 1946
Conclusion
1985/1974 will be the key short-term support zone for the Index to see a continuation of a potential upside movement to target 2040/2050 next.
However, failure to hold above the 1974 daily (short-term) pivotal support is likely to negate the bullish tone for a slide back towards the range support at 1946.
Disclaimer
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