Better Trader

S&P 500 Key Levels

Cash prices

3rd resistance	1697	Previous support line
2nd resistance	1687	Yesterday's high
1st resistance	1672	Previous support line
1st support	1649	Yesterday's low
2nd support	1649	Support line
3rd support	1649	55-90min moving average
4th support	1648	Previous resistance line
5th support	1629	38.2% Fib retracement
6th support	1594	61.8% Fib retracement
7th support	1581	Support line
8th support	1555	Previous resistance line
9th support	1536	Previous low
10th support	1484	200-day moving average

 

If you are short:

1st resistance at 1672 (previous support line). Weak stop loss above that level.

2nd resistance at 1687 (yesterday's high). Fair stop loss above that level.

3rd resistance at 1697 (previous support line). Strong stop loss above that level.

If you are long:

1st support at 1649 (yesterday's low). Weak stop loss below that level.

2nd support at 1629 (38.2% Fib retracement). Fair stop loss below that level.

3rd support at 1594 (61.8% Fib retracement). Strong stop loss below that level.

Market Trends

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Each day we publish our view on the near-term trend on the S&P 500, EUR/USD, Gold and Crude Oil with potential levels to watch and the likelihood of a trend reversal.

Economic Calendar

Important announcements today (UK Time):

EU PMI Composite at 09:00

UK GDP at 09:30

US Jobless Claims at 13:30

US New Home Sales at 15:00

FTSE 100, S&P 500 Short Term Forecast

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Stock market forecast for swing traders on the FTSE 100 and S&P 500 using technical and Elliott wave analysis.

Market Preview: FOMC minutes sound hawkish; PMIs across EU eyed | Tradingfloor.com

The FTSE 100 is likely to open 76 points in the red.

Gross Domestic Product, Index of Services, Total Business Investment and Government Spending are the key economic indicators scheduled for release today.

SABMiller (SAB), United Utilities Group (UU), Investec (INVP), Pennon Group (PNN), Booker Group (BOK), Daily Mail & General Trust (DMGO), Mitchells and Butlers (MAB), AVEVA Group (AVV), Qinetiq Group (QQ) and Electrocomponents (ECM) are scheduled to report their results today.

Reuters has reported that according to the UN Panel of Experts report, Glencore Xstrata’s (GLEN) metals swap deals with Iran could have been a way of avoiding international sanctions against Tehran over its nuclear programme.

Bloomberg has reported that Lloyds Banking Group (LLOY) is planning to auction about USD 8.7 billion of US mortgage securities without the support of the government.

via www.tradingfloor.com

Caution Should Always Be The Rule

By Thierry Laduguie

The Stock Markets are out of control, the uninterrupted run up continues and investors do not seem to care. I am concerned because I can't find any argument to justify buying at these levels and I say this from past experience. When there is no reason to buy, the risk of a severe correction or even a crash is high...continue reading

S&P 500 Key Levels

Cash prices

2nd resistance	1696	Previous support line
1st resistance	1675	Yesterday's high
1st support	1669	Previous support line
2nd support	1662	Yesterday's low
3rd support	1649	Support line
4th support	1647	Previous resistance line
5th support	1645	55-90min moving average
6th support	1622	38.2% Fib retracement
7th support	1589	61.8% Fib retracement
8th support	1579	Support line
9th support	1554	Previous resistance line
10th support	1536	Previous low
11th support	1482	200-day moving average

 

If you are short:

1st resistance at 1675 (yesterday's high). Weak stop loss above that level.

2nd resistance at 1696 (previous support line). Fair stop loss above that level.

If you are long:

1st support at 1662 (yesterday's low). Weak stop loss below that level.

2nd support at 1649 (support line). Fair stop loss below that level.

3rd support at 1645 (55-90min moving average). Strong stop loss below that level.

UK Stocks Timing Report

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This report is updated every 48 hours and highlights the stocks with the most upside potential over the next four weeks.

FTSE 100, S&P 500 Short Term Forecast

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Stock market forecast for swing traders on the FTSE 100 and S&P 500 using technical and Elliott wave analysis.

Market Trends

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Each day we publish our view on the near-term trend on the S&P 500, EUR/USD, Gold and Crude Oil with potential levels to watch and the likelihood of a trend reversal.