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SPX 500 Technical Analysis: Six-Week Trend Line Broken

SPX 500 Technical Analysis: Six-Week Trend Line Broken

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Support: 2076.20, 2066.60, 2057.00
  • Resistance: 2088.10, 2095.50, 2107.40
  • For more, visit our SPX 500 page

The SPX 500 accelerated downward, breaking trend line support leading prices higher since early July. Near-term support is at 2076.20, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 50% level at 2066.60. Alternatively, a move above the 23.6% Fib at 2088.10 opens the door for a test of the 14.6% expansion at 2095.50.

KEY UPCOMING EVENT RISK:

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

--- 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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