3rd October 2019 - S&P 500 Tech Analysis

Walid Salah Eldin

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

SP500-daily-03-10-2019 06-37-07 ص.jpg

After S&P500 future rate extended its slide to 2874.64 yesterday, after it had been satisfied to form only a second top at on last Sep. 13 at 3022.64 below last Jul. 26 high at 3027.89.

The index downward momentum accelerated recently, after forming an intermediate resistance at 2993.28 on failure to rise again above 3000 psychological level.

S&P500 future rate is now trading in its ninth consecutive day of being below its daily Parabolic SAR (step 0.02, maximum 0.2) which is reading today 2992.

S&P 500 Future rate is now undermined by diving below its daily SMA50 and its daily SMA100, but it is still underpinned over longer range by keeping its existence above its daily SMA200.

S&P 500 Future daily chart shows that its RSI-14 is now in lower place inside its neutral region at 35.964.

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 below 20 at 9.153 leading to the downside its signal line which is higher in the neutral area reading 22.073.

After negative crossover inside the neutral region on forming resistance at 2993.28, following a previous negative crossover inside the overbought area above 80 on forming a lower high at 3022.64 on last Sep. 13

Important levels: Daily SMA50 @ 2940, Daily SMA100 @ 2927 and Daily SMA200 @ 2847

Experienced S&R:

S1: 2851.99

S2: 2811.09

S3: 2777.16

R1: 2927.50

R2: 2993.28

R3: 3027.89

Kind Regards

Global Market Strategist of FX-Recommends

Walid Salah El Din