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SPX 500 Technical Analysis: Monthly Trend Support Holds Up

SPX 500 Technical Analysis: Monthly Trend Support Holds Up

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Support: 2082.40, 2063.40, 2040.10
  • Resistance: 2115.90, 2129.60, 2137.10
  • For more, visit our SPX 500 page

The SPX 500 dipped to the lowest level in a month but losses failed to hold onto losses, recovering back above monthly trend support. A daily close above resistance at 2115.90, the July 31 high, exposes the June 22 top at 2129.60. Alternatively, a turn below trend line support at 2082.40 clears the way for a challenge of the July 27 low at 2063.40.

KEY UPCOMING EVENT RISK:

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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