SPX (S&P 500 Index) 2017.46 neutral – Rallies to expose key resistance zone
SPX rallied strongly 1871.91 (September 29, 2015 low) to probe the 2020.86 range ceiling (September 17, 2015). Daily indicators are in the overbought territory, cautioning for potential pullbacks. Strengthening indicators suggest scope remains for further upside towards the key resistance cluster including the 2039.69/2044.02 range lows (March 11/July 7, 2015) and 50 day moving average currently at 2045.22. Above lies the 200 day moving average currently at 2061.22 near 4-year rising trendline (from October 2011 low, as shown on the daily chart). The supports are 1987.53 (October 8, 2015) and 1954.33 October 5, 2015) near term that should hold dips.
Outlook:
Intraday: neutral
Daily: bullish
Weekly: neutral
SPX rallied strongly 1871.91 (September 29, 2015 low) to probe the 2020.86 range ceiling (September 17, 2015). Daily indicators are in the overbought territory, cautioning for potential pullbacks. Strengthening indicators suggest scope remains for further upside towards the key resistance cluster including the 2039.69/2044.02 range lows (March 11/July 7, 2015) and 50 day moving average currently at 2045.22. Above lies the 200 day moving average currently at 2061.22 near 4-year rising trendline (from October 2011 low, as shown on the daily chart). The supports are 1987.53 (October 8, 2015) and 1954.33 October 5, 2015) near term that should hold dips.
Outlook:
Intraday: neutral
Daily: bullish
Weekly: neutral
