Stock Market (S&P) Outlook - Feb 16-19
Holiday on Monday, so we are looking at a shortened trading week coming up.
Here we are looking at the S&P 500.
Near resistance is at 1080. Beyond this there are intersecting lines at 1100
(trend and speed), with recent swing highs also just above this at 1105
(circled area). As I wrote in past posts this is still what I will call my
pivot point. Price is always the main indicator and until it climbs back
above that point, there is not real reason to think this correction has
ended. That circle area has a high probability of stopping upward movement,
if the market can get to it.
If we do climb above 1105 and can sustain it that is a positive sign of the
market. Resistance beyond is at 1114 and 1130-1132. The highs are beyond
this right around the 1150 region.
Weekly average movement is about 31 points right now. So many of these
levels are out of reach for this week but can be kept in mind for the longer
term.
On the downside, 1060 (or close to it) has been a bouncing point in the last
4 sessions. This is a key area to watch. Dropping below it, makes a retest
of the recent lows at 1044 quite possible. Interim support comes in at 1057.
Moves below the lows will have to fight through support at 1035 and 1029.
Cory Mitchell, CMT
Vantage Point Trading
---
Analysis written by Cory Mitchell for CFDsPros.com
---
Disclaimer
Trading Futures and Options on Futures and Cash Forex transactions involves
substantial risk of loss and may not be suitable for all investors. You
should carefully consider whether trading is suitable for you in light of
your circumstances, knowledge, and financial resources. You may lose all or
more of your initial investment. Opinions, market data, and recommendations
are subject to change at any time.
__________________
Forexpros.com - Bringing you live news, analysis advanced charts and quotes.
Check out our new and improved Technical Studies Section.
Holiday on Monday, so we are looking at a shortened trading week coming up.
Here we are looking at the S&P 500.
Near resistance is at 1080. Beyond this there are intersecting lines at 1100
(trend and speed), with recent swing highs also just above this at 1105
(circled area). As I wrote in past posts this is still what I will call my
pivot point. Price is always the main indicator and until it climbs back
above that point, there is not real reason to think this correction has
ended. That circle area has a high probability of stopping upward movement,
if the market can get to it.
If we do climb above 1105 and can sustain it that is a positive sign of the
market. Resistance beyond is at 1114 and 1130-1132. The highs are beyond
this right around the 1150 region.
Weekly average movement is about 31 points right now. So many of these
levels are out of reach for this week but can be kept in mind for the longer
term.
On the downside, 1060 (or close to it) has been a bouncing point in the last
4 sessions. This is a key area to watch. Dropping below it, makes a retest
of the recent lows at 1044 quite possible. Interim support comes in at 1057.
Moves below the lows will have to fight through support at 1035 and 1029.
Cory Mitchell, CMT
Vantage Point Trading
---
Analysis written by Cory Mitchell for CFDsPros.com
---
Disclaimer
Trading Futures and Options on Futures and Cash Forex transactions involves
substantial risk of loss and may not be suitable for all investors. You
should carefully consider whether trading is suitable for you in light of
your circumstances, knowledge, and financial resources. You may lose all or
more of your initial investment. Opinions, market data, and recommendations
are subject to change at any time.
__________________
Forexpros.com - Bringing you live news, analysis advanced charts and quotes.
Check out our new and improved Technical Studies Section.
