sp 500 weekly outlook for 27 apr to 01 may mixed elements turn neutral 531892015
<p>(Click to enlarge charts) What happened earlier The U.S. SP 500 Index (proxy for the S&P 500) has managed to break above the former short-term […]</p>
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What happened earlier
The U.S. SP 500 Index (proxy for the S&P 500) has managed to break above the former short-term range top at 2110 in place since 24 February 2015.
Key elements
- Price action has managed to break above the short-term range-top (in dotted pink) now turns pull-back support at 2110 (see daily chart).
- The Index continues to evolve within in medium term “Expanding Wedge” chart formation since 16 December 2014. Current price action is coming close to the upper limit (resistance) of the “Expanding Wedge” at 2140 (see daily chart).
- The 2140 resistance also confluences with a Fibonacci projection cluster.
- The next resistance at 2170/80 is defined by the upper boundary of its long-term ascending channel (in light blue) in place since 04 October 2011 (see daily chart).
- The 200-day Moving Average (in orange) is coming to support the Index at 2046
- The short-term Stochastic oscillator is overbought and has flashed a bearish divergence signal (see 4 hour chart).
Key levels (1 to 3 weeks)
Resistance: 2140 & 2170/80
Support: 2110, 2070 & 2046
Conclusion
Due to mixed elements, we turn neutral for now. The two key levels to watch will be at 2140 and 2110.
Only a break below 2110 is likely to trigger a decline towards 2070 follow by 2046. On the contrary, a clearance above 2140 may see a further squeeze up towards the upper limit of the long-term resistance at 2170/80.
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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