FxWirePro
Short

S&P500 faces strong support at 1835, break below targets 1785

FX:SPX500   S&P 500 index of US listed shares
655 4 8
Major support -1835 ( trend line joining 1818 and 1833)

Short term resistance -1890 (7 day EMA)

The index has broken minor support 1850 and declined till 1837 at the time of writing. It is currently trading around 1840.

Any break below 1835 will confirm minor trend reversal, a decline till 1800/1785 (200 day W MA) is possible.

On the higher side major resistance is around 1890 and break above targets 1915/1930/1960.

Overall trend reversal only above 2020.

It is good to sell below 1835 with SL around 1865 for the TP of 1800/1785.
nalon99
a year ago
With a day high of 1885 (by now), 1835 means 50 points of volatility range, and in the last days the range was also greater than 50 points, but in my opinion there is a good chance of a 1800 target not today but during the next days, after a little pull back.
Reply
DF56
a year ago
Thanks for the analysis. If support at 1840 and 1790 do not hold, support level appears to fall to 1600. Would you agree?
Reply
nalon99 DF56
a year ago
below 1800, US market is going to be bearish, and all the other markets will follow as well. I agree with you, there is an important support level of 1600, but before that I expect some pullbacks
Reply
DF56
a year ago
Thanks. Currently 1825 and – "good to sell below 1835" per OP – I can't see support prior to 1600, last seen summer 2013. Perma-Bear at Soc Gen sees level way below 1600 in 2016. –??–
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out