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SPX 500 Technical Analysis: Down Move Ready to Resume?

SPX 500 Technical Analysis: Down Move Ready to Resume?

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Support: 2089.40, 2081.20, 2072.90
  • Resistance: 2099.50, 2115.90, 2137.10
  • For more, visit our SPX 500 page

The SPX 500 turned downward anew after finding resistance above the 2100.00 figure, dropping the most in five months. A daily close below the 38.2% Fibonacci expansion at 2089.40 exposes the 50% level at 2081.20. Alternatively, a reversal above the 23.6% Fib at 2099.50 clears the way for a challenge of the July 31 high at 2115.90.

KEY UPCOMING EVENT RISK:

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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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