Makor - Tech View S&P 500 Index (2,099 last) - structure negative below 2,134, sell rallies with a stop above the all-time high
2015-07-14 12:02:07.487 GMT
•Yesterday rally stalled just below the 55dma which stands at 2,100. A move
above this level would argue for a move towards 2,110 which is the 76.4%
Fibonacci retracement of the 2,129-2,044 sell-off and a move above the later
would argue for a re-test of 2,129-2,134.
•Given the fact that the Index rallied all the way from its lows just within 2
days of trading there isn't any support besides yesterday low at 2,080 and then
the 200dma and cycle low at 2,044-56
•points of note: on the daily chart the index broke the path of higher lows
which argues for a trend change, on the weekly chart the Index has massive
divergence between price & RSI highlighting the poor risk/reward in chasing the
uptrend & on the monthly chart the Index posted a bearish Monthly reversal
candle in June increasing the risk for a move lower, tactical stop is a move
above 2,134
Support: 2,080, 2,056 & 2,044
Resistance: 2,100, 2,110 & 2,129-34
Strategy: Short 2 units from 2,121, target 1,885 with a stop on a close above
2,140
Contributed via: Bloomberg Publisher WEB Service
Provider ID: 96e6bdfe9b3f431396de04dcf0b3c6e6
-0- Jul/14/2015 12:02 GMT
2015-07-14 12:02:07.487 GMT
•Yesterday rally stalled just below the 55dma which stands at 2,100. A move
above this level would argue for a move towards 2,110 which is the 76.4%
Fibonacci retracement of the 2,129-2,044 sell-off and a move above the later
would argue for a re-test of 2,129-2,134.
•Given the fact that the Index rallied all the way from its lows just within 2
days of trading there isn't any support besides yesterday low at 2,080 and then
the 200dma and cycle low at 2,044-56
•points of note: on the daily chart the index broke the path of higher lows
which argues for a trend change, on the weekly chart the Index has massive
divergence between price & RSI highlighting the poor risk/reward in chasing the
uptrend & on the monthly chart the Index posted a bearish Monthly reversal
candle in June increasing the risk for a move lower, tactical stop is a move
above 2,134
Support: 2,080, 2,056 & 2,044
Resistance: 2,100, 2,110 & 2,129-34
Strategy: Short 2 units from 2,121, target 1,885 with a stop on a close above
2,140
Contributed via: Bloomberg Publisher WEB Service
Provider ID: 96e6bdfe9b3f431396de04dcf0b3c6e6
-0- Jul/14/2015 12:02 GMT