sp 500 weekly outlook for 05 jan to 09 jan 20192017 is the support to watch for a potential bullish
<p>What happened last week The S&P 500 has shaped a pull-back as expected towards the 2054 intermediate support. Please click on this link to see […]</p>
Share this:
What happened last week
The S&P 500 has shaped a pull-back as expected towards the 2054 intermediate support. Please click on this link to see more details on our previous outlook.
Key elements
- The 200-day Moving Average is now coming to support the Index at around 2019 (see daily chart).
- The intermediate term Stochastic oscillator has dipped into its oversold region (see daily chart).
- The 2019/2017 level is a Fibonacci cluster (see 4 hour chart).
- The short-term Stochastic oscillator has flashed a bullish divergence signal (see 4 hour chart).
- The upper boundary of its long-term ascending channel (in light blue) is now at 2100 follow by 2140/2170 next (see weekly chart).
- The 2140/2170 resistance zone also confluences closely with multiple Fibonacci projection levels from various degrees.
- The lower boundary of the long-term ascending channel (in light blue) stands at 1900 (see weekly chart).
Key levels (1 to 3 weeks)
Pivot (key support): 2019/2017
Resistance: 2100 & 2140/2170
Next support: 1920/1900
Conclusion
As long as the weekly pivotal support at 2019/2017 support holds, the Index is likely to shape an upside movement to target 2100 follow by the long-term significant resistance zone at 2140/2170.
On the other hand, a break below 2140/2170 may damage the bullish trend to see the start of a correction towards the next support at 1920/1900 in the first instance.
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.
Related tags:
Open an account in minutes
Experience award-winning platforms with fast and secure execution, and enjoy tight spreads from 0.5 pts on FX and 0.3 pts on indices.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
This report 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.
StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.
In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.
StoneX Financial Pte. Ltd. is not under any obligation to update this report.
Trading CFDs carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit www.forex.com/en-sg/terms-and-policies for the complete Risk Disclosure Statement.