23rd October 2018 - SP 500 Tech Analysis

Walid Salah Eldin

Master Trader
Feb 15, 2016
S&P 500 Future Daily Chart:

SP500-Daily-23-10-2018 06-00-31 ص - Copy.jpg

S&P 500 Future rate could extend its falling to 2730 during the Asian session after diving below its daily SMA50 and its daily SMA100 following inability to surpass its daily SMA100 ended to forming a lower high at 2821.50 on Oct. 17.

While the index has been already undermined by the massive falling on Oct. 10 below its daily SMA200 which could not be contained sending a dovish message.

The Index has failed previously to overcome last Sep. 21 high at 2942 to be satisfied by reaching on the third of this month 2940.40, whereas it started forming series of lower highs ended to breaking out of last Sep. 7 bottom at 2862.50 to gather stronger downside momentum.

This index is now trading in its fourteenth consecutive day of being below its daily Parabolic SAR (step 0.02, maximum 0.2) which is reading today 2800.

S&P 500 Future daily RSI-14 is now in a lower place hardly inside its neutral region at 31.207 just above its oversold region below 30.

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 15.647 leading to the downside its signal line which is still higher in the neutral area reading 36.148, showing aggressiveness of this selling wave in the recent hours.

Important levels: Daily SMA50 @ 2867, Daily SMA100 @ 2827 and Daily SMA200 @ 2767

Experienced S&R:

S1: 2708.20

S2: 2690.20

S3: 2674.40

R1: 2821.50

R2: 2942.00

R3: 3000.00

Kind Regards

Global Market Strategist of FX-Recommends

Walid Salah El Din