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SPX 500 Technical Analysis: Interim Support Found Sub-2100

SPX 500 Technical Analysis: Interim Support Found Sub-2100

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Support: 2089.40, 2081.20, 2072.90
  • Resistance: 2115.90, 2137.10, 2157.50
  • For more, visit our SPX 500 page

The SPX 500 has transitioned into consolidation mode after finding interim support below the 2100 figure. A daily close below the 38.2% Fibonacci expansion at 2089.40 exposes the 50% level at 2081.20. Alternatively, a reversal above the July 31 high at 2115.90 clears the way for a challenge of range resistance in the 2129.60-37.10 area.

KEY UPCOMING EVENT RISK:

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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