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SPX 500 Technical Analysis: Still Waiting for Direction Cues

SPX 500 Technical Analysis: Still Waiting for Direction Cues

2015-08-18 04:01:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • Support: 2085.00, 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 2086.50 opens the door for a test of the July 27 low at 2063.40.

KEY UPCOMING EVENT RISK:

19 AUG 2015, 12:30 GMT – US Core CPI (YoY) (JUL) – Expected: 1.8%, Prev: 1.8%

19 AUG 2015, 18:00 GMT – Fed Releases July FOMC Meeting Minutes

20 AUG 2015, 06:45 GMT – Fed’s John Williams Speaks

21 AUG 2015, 00:20 GMT – Fed’s Narayana Kocherlakota Speaks

21 AUG 2015, 01:45 GMT – Caixin China Mfg PMI (AUG P) – Expected: 48.0, Prev: 47.8

SPX 500 Technical Analysis: Still Waiting for Direction Cues

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

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