SPX 500 Analysis: Down Move Ready To Resume?
Dailyfx | Aug 04, 2015 02:29AM ET
Talking Points:
- Support: 2089.40, 2081.20, 2072.90
- Resistance: 2099.50, 2115.90, 2137.10
The SPX 500 turned downward anew after finding resistance above the 2100.00 figure, dropping the most in five months. A daily close below the 38.2% Fibonacci expansion at 2089.40 exposes the 50% level at 2081.20. Alternatively, a reversal above the 23.6% Fib at 2099.50 clears the way for a challenge of the July 31 high at 2115.90.
KEY UPCOMING EVENT RISK:
05 AUG 2015, 01:45 GMT – Caixin China PMI Composite (JUL) – Expected: n/a, Prev: 50.6
05 AUG 2015, 14:00 GMT – US Non-Mfg ISM Composite (JUL) – Expected: 56.2, Prev: 56.0
07 AUG 2015, 12:30 GMT – US Change in Nonfarm Payrolls (JUL) – Expected: 225K, Prev: 223K
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