SPX (S&P 500), Daily Chart Analysis 7/11

SPCFD:SPX   S&P 500 Index
Implications and Outlook
1. SPX ( S&P500 ) managing only plus 0.35% on the upside yesterday by closing close to the day's high. The chat was that the NASDAQ stocks perceived to have capped off late as money seems to be favoring large caps equities. Utilities and industrials stocks have discovered the bid as new money is very much speeding up into America. The absence of trade war news headlines has prompted money into the multinationals which have been practical to observe following such a lengthy bout of weaknesses.

2. With the Stage 2 completed the violation of the Key Resistance 2787 undoubtedly brings serious of the short-term bearish implications, having downside targets to Men Support of 2750.

3. In the event, the intermediate-term Mean Support 2750 will not hold we will undoubtedly have intermediate-term bearish implications towards Mean Support standing at 2713, as well as revisiting Key Support of 2690.

4. Current Index Strategy Bias: Bearish 60 / Bullish 40


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