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1980 could support S&P 500 Future again

Discussion in 'Current Market Sentiments' started by fx-recommends, Jan 5, 2016.

  1. fx-recommends

    fx-recommends Content Contributor

    Aug 6, 2008
    Likes Received:
    1980 level could form again solid floor to SP-Mar16 to rebound for trading currently near 2015.

    SP-Mar16 has formed another lower high at 2074.65 on Dec. 30, after facing difficulty several times to keep a place above 2100 to be exposed now to downside extension more than before with higher probability of forming more lower highs in case of failing to contain this recent slide from 2074.65.

    After rebounding from 1980.25, SP-MAR16 is now well below its daily SMA50 and its daily SMA200 meeting with its daily SMA100.

    SP-Mar16 daily Stochastic Oscillator (5, 3, 3) which is sensitive to the volatility is having now its main line in the neutral region reading 28.645 well below its signal line which is reading now 41.403.

    While SP-Mar16 daily Parabolic SAR (step 0.02, maximum 0.2) is now below its trading rate for the second day reading 2072.76.

    Important levels: MA50 @ 2061.12, MA100 @ 2015.36 and MA200 @ 2053.77


    S1: 1980.25
    S2: 1959.88
    S3: 1936.63
    R1: 2074.65
    R2: 2095.25
    R3: 2104.75

    Have a good day

    Walid Salah El din
    Senior Market Analyst
    Skype : chief.economist.walid

    Tel: UK. +44 1138590277
    Mob: EGY. +20 1224659143

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