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SPX 500 Technical Analysis: Monthly Trend Support at Risk

SPX 500 Technical Analysis: Monthly Trend Support at Risk

2015-08-07 07:46:00
Ilya Spivak, Head Strategist, APAC
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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 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

SPX 500 Technical Analysis: Monthly Trend Support at Risk

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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