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Price & Time: S&P 500 Down to Go Up?

Price & Time: S&P 500 Down to Go Up?

Kristian Kerr, Sr. Currency Strategist

Talking Points

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Foreign Exchange Price & Time at a Glance:

Price & Time Analysis: USD/JPY

Price & Time: S&P 500 Down to Go Up?

ChartPrepared by Kristian Kerr

  • USD/JPY has rallied steadily since finding support at the 78.6% retracement of the May – June range at 120.40 last week
  • Our near-term trend bias is higher in the exchange rate while above 122.00
  • A move through 123.70 is needed to set off the next leg higher in the rate
  • A very minor turn window is eyed here
  • A close under 122.00 would turn us negative again on USD/JPY

USD/JPY Strategy: Like buying on weakness against 122.00

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

*122.00

122.65

123.55

*123.75

124.40

Price & Time Analysis: AUD/USD

Price & Time: S&P 500 Down to Go Up?

ChartPrepared by Kristian Kerr

  • AUD/USD continues to consolidate above Fibonacci support at .7375
  • Our near-term trend bias is lower in the aussie while below .7555
  • A move through .7375 is needed to trigger the next round of weakness
  • A minor turn window is see early next week
  • A daily close back over .7555 would turn us positive on AUD/USD

AUD/USD Strategy: Like the short side while below .7555

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

AUD/USD

*.7375

.7400

.7455

.7485

*.7555

Focus Chart of the Day: S&P 500

Price & Time: S&P 500 Down to Go Up?

The S&P 500 has continued with its recent trend of “having to go down before up”. After a very volatile few days last week with two successive closes below the 200-day moving average the index is suddenly again in a strong position. Yesterday’s move through a key confluence of resistance near 2100 (50-day moving average, median line channel, 61.8% retracement of May- July decline) was potentially an important change in behavior and warns a more meaningful move higher is taking shape. The 78.6% retracement of the May –July decline at 2116 is immediate resistance, but a close over 2130 is really needed to trigger an important upside push. Weakness back under 2087 would be a cause for concern.

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--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

This publication attempts to further explore the concept that mass movements of human psychology, as represented by the financial markets, are subject to the mathematical laws of nature and through the use of various geometric, arithmetic, statistical and cyclical techniques a better understanding of markets and their corresponding movements can be achieved.

To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter @KKerrFX

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

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