sp 500 weekly outlook for 02 mar to 06 mar risk of an intermediate decline below 21402170 266682015
<p>(Click to enlarge charts) What happened last week The U.S. SP 500 Index (proxy for the S&P 500) has continued to push up but remained […]</p>
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What happened last week
The U.S. SP 500 Index (proxy for the S&P 500) has continued to push up but remained below the 2140/2170 weekly pivotal resistance. Please click on this link for more details on our previous weekly outlook.
Key elements
- Current price action is right below the 2128 upper limit of the “Expanding Wedge” (in dotted purple) configuration in place since early December 2014 (see daily chart).
- The 2128 resistance also confluences with a Fibonacci projection cluster (see daily & 4 hour charts).
- The upper boundary of the long-term ascending channel (in light blue) in place since 02 October 2011 now stands at 2140/2170 (see daily chart).
- The 2140/2170 long-term resistance also confluences with a Fibonacci projection (see daily chart).
- The long and intermediate -term RSI oscillators are below their respective resistances (see weekly & daily charts).
- The 2085 and 2067 support corresponds closely with the 23.6% and 38.2% Fibonacci retracement from 02 February 2015 low to 26 February 2015 high (see 4 hour chart).
Key levels (1 to 3 weeks)
Intermediate resistance: 2128
Pivot (key resistance): 2140/2170
Support: 2085 & 2067
Next resistance: 2240
Conclusion
As long as the 2140/2170 weekly pivotal resistance is not surpassed, the U.S. SP 500 Index still faces a risk of an intermediate decline towards 2085 before 2067.
On the other hand, a break above 2140/2170 is likely to see a further upside movement to target the next resistance at 2240.
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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