SPX 500 Technical Analysis: Selloff Extends for Third Day
05 Aug 2015 06:41, GMTTalking Points:
- Support: 2089.40, 2081.20, 2072.90
- Resistance: 2099.50, 2115.90, 2137.10
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The SPX 500 accelerated downward after prices lost grip on the 2100 figure, delivering a third consecutive day of losses. Near-term support is at 2089.40, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 50% level at 2081.20. Alternatively, a turn above the 23.6% Fib at 2099.50 opens the door for a test of the July 31 high at 2115.90.
KEY UPCOMING EVENT RISK:
05 AUG 2015, 12:15 GMT – US ADP Employment Change (JUL) – Expected: 215K, Prev: 237K
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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