Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View More
S&P 500 Technical Analysis: Down Move Set to Resume?

S&P 500 Technical Analysis: Down Move Set to Resume?

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • S&P 500 Volatility Surges to Highest Levels Since 2008 Crisis
  • Hanging Man Candlestick May Precede Reversal Downward

The S&P 500 paused to digest gains after launching higher as expected following the appearance of an Inverted Hammer candlestick. Prices recovered to within a hair of the 2000 figure in a mere two days having dropped to a 10-month low above the 1800 threshold from a range just below record highs in only four sessions. The rapid see-saw swings made for the most dramatic volatility since late 2008, when markets were gripped by the global financial crisis.

Near-term resistance is now at 2018.50, the 61.8% Fibonacci retracement. A daily close above this threshold clears a path to test range floor support-turned-resistance at 2042.70, followed by the 76.4% level at 2062.20. The formation of a Hanging Man candlestick may precede the return of selling pressure however. A reversal back below the 50% retracement at 1983.20 opens the door for a challenge of the 14.6% Fib expansion at 1951.70.

KEY UPCOMING EVENT RISK:

01 SEP 2015, 01:00 GMT – China Mfg PMI (AUG) – Expected: 49.7, Prev: 50.0

01 SEP 2015, 14:00 GMT – US ISM Manufacturing (AUG) – Expected: 52.5, Prev: 52.7

03 SEP 2015, 11:45 GMT – ECB Interest Rate Decision – Expected: 0.05%, Prev: 0.05%

04 SEP 2015, 12:30 GMT – US Nonfarm Payrolls (AUG) – Expected: 220K, Prev: 215K

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

To receive Ilya's analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES