SPX 500 Technical Analysis: Monthly Trend Support at Risk
- Support: 2089.40, 2081.20, 2072.90
- Resistance: 2115.90, 2137.10, 2157.50
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The SPX 500 turned lower anew after a brief correction, with prices now testing their one-month uptrend. Near-term resistance is at 2081.20, the 50% Fibonacci expansion, with a break below that on a daily closing basis exposing the 2072.90-76.60 area (trend line, 61.8% level). Alternatively, a turn above the 38.2% Fib at 2089.40 opens the door for a test of the July 31 high at 2115.90.
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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