Forecast for Q2'16 - levels for S&P 500 - page 2

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S&P 500 Technical Analysis: 9-month high to be broken

Daily price is on bullish market condition to be above Ichimoku cloud and above Senkou Span line (which is the virtual border between the primary bearish and the primary bullish trend on the chart). The price is testing 9-month high at 2119.25 to above for the bullish trend to be continuing. Alternative, if the price breaks 2082.50 support level so the secondary correction within the primary bullish trend will be started with 2031.05 bearish reversal target.


Resistance
Support
2119.252082.50
N/A
2031.05
 

S&P 500 - Long-Term Forecast: ranging near 100 SMA for the correction to be started or for the bullish trend to be continuing

S&P 500 Weekly: ranging within bullish levels. The weekly price located fare above 200 SMA for the bullish market condition: price broke 100 SMA to be reversed from the ranging bullish to the primary bullish market condition with 2119.25 resistance as a nearest bullish target.


  • If the price breaks 2021.75 support level so the price will be reversed to the ranging bullish market condition with the secondary correction to be started.
  • If the price breaks 1885.25 support level so the reversal of the price movement to the primary bearish market condition will be started.
  • If the price breaks 2119.25 resistance to above on close weekly bar so the bullish trend will be continuing;
  • If not so the price will be on ranging bullish condition to be moved within the channel of s/r levels.
Resistance
Support
2119.252021.75
N/A
1885.25
 

S&P 500 Technical Analysis 2016, 19.06 - 26.06: ranging bullish

Daily price was on local uptrend as the secondary correction within the primary bullish market condition since 12th of June this year: price broke Ichimoku cloud to below on open daily bar and it was bounced back to bullish area from 2049.75 support level. For now, the price is on ranging within the following s/r levels:

  • 2119.25 resistance level located above Ichimoku cloud in the bullish area of the chart, and
  • 2049.75 support level located near and below Ichimoku cloud in the beginning of the bearish area.
Absolute Strange indicator is estimating the price movement as the secondary ranging condition to be started.

If D1 price breaks 2049.75 support level on close bar so the bearish reversal will be started with 2021.75 level as a possible bearish target.
If D1 price will break 2119.25 resistance level on close bar from below to above so the primary bullish market condition will be continuing.
If not so the price will be on ranging within the levels.

Resistance
Support
2119.252049.75
N/A
2021.75


SUMMARY : bullish

TREND : ranging
 

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Press review

Sergey Golubev, 2016.06.23 08:16

S&P 500: intra-day ranging within 100 SMA/200 SMA reversal area for direction (adapted from the article)

H4 price is located within SMA with period 100 (100 SMA) and SMA with the period 200 (above 200 SMA and below 100 SMA for the ranging bullish market condition) waiting for the direction for the possible breakout or breakdown.

  • The key support levels for this pair are 2075.00 and 2053.00.
  • The key resistance levels are 2092.00 and 2112.80.
  • "The price action since Monday is ‘shapeshifting’; the once rising channel has evolved into a symmetrical triangle above the low 2080s support. Given the S&P’s ability to hold support and converging price action towards the apex of a triangle, the path of least resistance will remain higher on a breakout above the top-side trend-line of the triangle. Should it break to the down-side and clear below 2080, then our focus shifts to the down-side."
  • "Given the proximity of price to the apex, it should break soon, like today soon. So we may see one more ‘reliable’ move before tomorrow’s UK vote and Friday’s outcome. On this end, looking forward to the return to a more "normal" trading environment."


If the price will break 2092.00 resistance level to above on close H4 bar so the bullish trend will be continuing with 2112.80 target.
If price will break 2075.00 support so the bearish reversal will be started.
If not so the price will be ranging within the levels.

Resistance
Support
2092.002075.00
2112.802053.00

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