Dailyfx | Mar 12, 2015 01:36PM ET
Charts Created using Marketscope – Prepared by Kristian Kerr
Instrument |
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Support 2 |
Support 1 |
Spot |
Resistance 1 |
Resistance 2 |
USD/JPY |
*120.00 |
120.80 |
121.00 |
121.65 |
*122.00 |
Charts Created using Marketscope – Prepared by Kristian Kerr
Instrument |
Get The News You Want
Read market moving news with a personalized feed of stocks you care about.
Get The App
Support 2 |
Support 1 |
Spot |
Resistance 1 |
Resistance 2 |
GBP/USD |
*1.4925 |
1.4950 |
1.5000 |
1.5050 |
1.5140 |
The S&P 500 has come under some steady pressure over the past week or so. It is too early to tell the significance of the high recorded late last month, but it is worth noting that it did come during a nice convergence of several short-term cyclical relationships. The next few weeks should be very telling as the period leading into quarter-end often times has a funny way of seeing uptrends in equities try to re-assert themselves. Take a look at the price action from last December in the SPX if you need a reminder. If stocks can’t turn up during this key period then this will be an important change in behavior that signals a more significant correction is unfolding. The 200-day moving average just above 2000 in the SPX is likely to be a critical support/pivot area.
--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com
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