SPX 500 Technical Analysis: Recovery Stalls Above 2100
03 Aug 2015 05:36, GMTTalking Points:
- Support: 2099.50, 2089.40, 2081.20
- Resistance: 2115.90, 2129.60, 2137.10
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The SPX 500 stalled after erasing nearly all of last week’s down move and reclaiming a foothold above the 2100 figure. Near-term support is at 2099.50, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 2089.40. Alternatively, a move above the July 31 high at 2115.90 opens the door for a test of the June 22 top at 2129.60.
KEY UPCOMING EVENT RISK:
03 AUG 2015, 12:30 GMT – US PCE Core (YoY) (JUN) – Expected: 1.2%, Prev: 1.2%
03 AUG 2015, 14:00 GMT – US Manufacturing ISM (JUL) – Expected: 53.5, Prev: 53.5
05 AUG 2015, 01:45 GMT – Caixin China PMI Composite (JUL) – Expected: n/a, Prev: 50.6
05 AUG 2015, 14:00 GMT – US Non-Mfg ISM Composite (JUL) – Expected: 56.2, Prev: 56.0
07 AUG 2015, 12:30 GMT – US Change in Nonfarm Payrolls (JUL) – Expected: 225K, Prev: 223K
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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