SPX 500 Technical Analysis: 5-Month Range Floor Broken
21 Aug 2015 08:40, GMTTalking Points:
- Support: 2025.90, 2006.60, 1994.70
- Resistance: 2045.10, 2057.00, 2066.60
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The SPX 500 moved sharply lower, issuing the largest drop since February 2014 and taking out support capping losses since early March. A daily close below the 100% Fibonacci expansion at 2025.90 exposes the 123.6% level at 2006.60. Alternatively, a turn above the 2040.10-45.10 area (range bottom, 76.4% Fib) opens the door for a test of the 61.8% expansion at 2057.00.
KEY UPCOMING EVENT RISK:
21 AUG 2015, 13:45 GMT – Markit Mfg PMI (AUG P) – Expected: 53.8, Prev: 53.8
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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