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SPX (S&P 500), Daily Chart Analysis 6/30

SPCFD:SPX   S&P 500 Index
Implications and Outlook
1. Still appearing like the market consolidation phase predicted for the first six months of 2018 for SPX Index was right on positive track. In this period, we've not only witnessed the bottoming of the stock market but also the low price in for the DXY Index. Even though prices are shifting away from the day's highs as the week's trading days are wore-on, however, we continued to find a way to close the first half of this year trading on a solid note this week.

There is undoubtedly lots of cash on the sidelines, and even big chunk made its way back into the bond market recently. Therefore sudden evidence coming from economic data reporting can have the green flag for the market rally.

2. The violation of the Mean Support 2690 will undoubtedly bring serious of the short to mid-term bearish implications, having downside targets to Key Support of 2655.

3. In the event, the intermediate-term Mean Support 2690 will hold we will undoubtedly have intermediate-term bullish implications towards Mean Resistance standing at 2747, as well revisiting Key Resistance of 2787.

4. Current SPX Strategy Bias: Bearish 60 / Bullish 70

Comments

Correction:
#4. Should read: Bearish 60 / Bullish 40
Reply
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