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SPX 500 Technical Analysis: Choppy Range Remains in Play

SPX 500 Technical Analysis: Choppy Range Remains in Play

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Support: 2079.20, 2063.40, 2040.10
  • Resistance: 2115.90, 2137.10, 2158.63
  • For more, visit our SPX 500 page

The SPX 500 continues to oscillate in a choppy range around the 2100 figure as prices await clear direction cues. Near-term resistance is at 2115.90, the July 31 high, with a break above that exposing the 2129.60-37.10 area (May 19 and June 22 highs). Alternatively, a move below trend line support at 2079.20 opens the door for a test of the 2063.40-67.40 zone (July 27 and August 7 lows).

KEY UPCOMING EVENT RISK:

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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