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SPX 500 Technical Analysis: Trying to Break Monthly Uptrend

SPX 500 Technical Analysis: Trying to Break Monthly Uptrend

Ilya Spivak,

Talking Points:

  • Support: 2077.80, 2072.90, 2062.80
  • Resistance: 2089.40, 2115.90, 2137.10
  • For more, visit our SPX 500 page

The SPX 500 is digesting losses having probed below support guiding prices higher over the past month. A breach of trend line support at 2077.80 exposes the 61.8% Fibonacci expansion at 2072.90. Alternatively, a daily close back above the 50% level at 2081.20 clears the way for a challenge of the 38.2% Fib at 2089.40.

KEY UPCOMING EVENT RISK:

10 AUG 2015, 13:00 GMT – Atlanta Fed President Dennis Lockhart Speaks

12 AUG 2015, 05:30 GMT – China Retail Sales (YoY) (JUL) – Expected: 10.6%, Prev: 10.6%

12 AUG 2015, 05:30 GMT – China Industrial Prod. (YoY) (JUL) – Expected: 6.6%, Prev: 6.8%

13 AUG 2015, 12:30 GMT – US Retail Sales (MoM) (JUL) – Expected: 0.6%, Prev: -0.3%

14 AUG 2015, 12:30 GMT – US PPI (YoY) (JUL) – Expected: -0.9%, Prev: -0.7%

14 AUG 2015, 17:00 GMT – UofM US Consumer Conf. (AUG P) – Expected: 93.6, Prev: 93.1

--- 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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