sp 500 daily outlook wed 18 nov potential push up towards 20702073 risk area 1770582015
<p>(Click to enlarge chart) What happened yesterday The U.S. SP 500 Index (proxy for the S&P 500) has pushed higher to a high of 2067 […]</p>
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What happened yesterday
The U.S. SP 500 Index (proxy for the S&P 500) has pushed higher to a high of 2067 and pull-backed slightly to hit a low of 2045 towards the closing hours of the U.S. cash market.
In our short-term daily technical strategy published yesterday (17 Nov), we did mention to keep a lookout for a pull-back first towards 2040 support before another round of potential upleg. Yesterday’s price action has fulfilled this expected price motion, please click on this link for more details on our previous daily technical outlook/strategy.
Key elements
- The key short-term support to watch will be at 2040 which is defined by the former congestion area of 20 October to 21 October 2015 and the 50% Fibonacci retracement of the recent up move from16 November 2015 low @9pm to yesterday’s 18 November 2015 high @12am.
- The key intermediate resistance remains at 2070/2073 which is the former support area from 02 November to 10 November 2015 now turns pull-back resistance and the descending trendline linking the lower highs since 04 November 2015.
- The hourly (short-term) Stochastic oscillator that measures price momentum is now approaching its oversold region which suggests that a potential revival in upside momentum is round the corner.
Key levels (1 to 3 days)
Intermediate support: 2048
Pivot (key support): 2040
Resistance: 2070/2073
Next support: 2017 & 2003
Conclusion
We have tightened the daily (short-term) pivotal support to 2040 for a potential push up towards the 2070/2073 resistance before a minor pull-back/consolidation occurs.
However, failure to hold above the 2040 pivotal support is likely to damage the short-term uptrend to see a deeper pull-back towards the next support at 2017 and even Monday’s 16 November 2015 swing low of 2003
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