11th October 2018 - S&P 500 Daily Tech Analysis

Walid Salah Eldin

Master Trader
Feb 15, 2016
210
6
84
45
Egypt
www.fx-recommends.com
S&P 500 Future Daily Chart:

SDXUSD-Daily-11-10-2018 01-58-56 م.jpg


Before the US Session, S&P 500 Future rate is still in the red territory trying to get back above its daily SMA200 which has been penetrated yesterday following falling below its daily SMA50 and its daily SMA100.

This index is now trading in its sixth consecutive day of being below its daily Parabolic SAR (step 0.02, maximum 0.2) which is reading today 2916 which is far rate above today's current rate to express about yesterday massive falling.

After failing to overcome last Sep. 21 high at 2942, S&P 500 Future has been satisfied by reaching last on the third of this month 2940.40, before starting forming series of lower higher over the short term ended to breaking out of last Sep. 7 bottom at 2862.50.

The indexes gathered stronger downside momentum easily following that breaking out to reach today by the US session 2743.40 suggesting very strong need to usually seen correction to the upside, after such massive falling which happened accidently.

S&P 500 Future is surely well oversold over all daily Oscillators and its daily chart tells about RSI-14 existence inside its oversold region below 30 reading 20.640.

S&P 500 Future daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having now its main line inside its oversold area at 10.082 leading until now to the downside its signal line which is higher n the same area reading 18.118 with no positive crossover inside yet.


Important levels: Daily SMA50 @ 2879, Daily SMA100 @ 2823 and Daily SMA200 @ 2767

Experienced S&R:

S1: 2743.40

S2: 2690.20

S3: 2674.40

R1: 2894.80

R2: 2942.40

R3: 3000.00


Have a good day



Kind Regards

Global Market Strategist of FX-Recommends

Walid Salah El Din