YaKa

SP500 Daily Update

FX:SPX500   S&P 500 Index
742 1 1
The chart illustrates the risk reward.

Both SP500             and DAX             are hugging their resistance.

Although big moves over 4 weeks are skewed down, there is no way to know if the market is going to elect for more grinding over 4 weeks.

Price Action reading: 2 weeks ago the setup could easily have delivered a correction but the news flow was relatively positive and supported 2/3% upside over 3 weeks (Denmark cutting, Yellen confirming stance, China Cutting... coming close to ECB QE ....)

In short: upside is limited but resilience could occur.
A dangerous long,
A potentially frustrating short.

My stance is short in a light fashion that would enable to survive resilience.
The key levels are:
2100 - 13d ema - if there is top resilience/grinding that is the level to defend in close.
2080 - is probably the level that if breached opens lower (although there are many other supports on the way

Key news flow:
ISM today
NFP Friday
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