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SPX 500 Technical Analysis: Key Trend Line Under Pressure

SPX 500 Technical Analysis: Key Trend Line Under Pressure

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 continues to wait for clear-cut direction cues, with prices treading water at monthly trend support. Near-term resistance is at 2115.90, the July 31 high, with a break above that on a daily closing basis exposing the June 22 top at 2129.60. Alternatively, a move below trend line support at 2083.40 opens the door for a test of the July 27 low at 2063.40.

KEY UPCOMING EVENT RISK:

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

SPX 500 Technical Analysis: Key Trend Line Under Pressure

--- 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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