Risk is back on Monday.
S&P rebounded off last Thursday’s 1952.86 low (near the
20 day MA) to rise above last Tuesday’s 1976.39 high, forming a 4-day base and
opening the 1985.59 YTD high (3 Jul). Clearing the latter would confirm a
higher low at 1952.86 and extend the broad uptrend towards the 1994.07
Fibonacci target ahead of the 2000.00 psychological level. The first support lies at 1969.86 near the 10
day MA. Only a break below there would expose the 1952.86 for a retest.
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Levels
|
|
Current price from
levels
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Comments
|
|
Resistances
|
|
|
|
|
2,004.44
|
|
27.34
|
1.618x
1814.36/1902.17 from 1862.36
|
|
2,000.00
|
*
|
22.90
|
Psychological
level
|
|
1,994.07
|
|
16.97
|
1.5x
1814.36/1902.17 from 1862.36
|
|
1,985.59
|
*
|
8.49
|
Jul
3 2014 YTD high
|
|
1977.1
|
|
|
Monday
close
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Supports
|
|
|
|
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1,969.86
|
|
7.24
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Mon's
low near Jul 10 high & 10 day MA at 1971.82
|
|
1,959.63
|
|
17.47
|
Jul
11 low near 20 day MA at 1963.38
|
|
1,952.86
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*
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24.24
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Jul
10 low near Jun 27 low at 1952.18
|
|
1,944.69
|
|
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Jun
26 higher low near 23.6% of the 1814.36/1985.59 rise
|
|
1,925.78
|
|
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Jun
12 higher low near 50% of 1962.36/1985.59 rise & 50 day MA at 1928.95
|
|
1,918.60
|
|
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Jun
4 low near 38.2% of the 1814.36/1985.59 rise
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*indicates a strong level
Trade idea:
Buy on dips to 1959.63 area
Place stops below 1952.86
Target 1985.59
S&P 500 Index 240minute chart
S&P 500 Index daily chart
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