S&P 500 TECHNICAL ANALYSIS of August 1, 2014

S&P 500 TECHNICAL ANALYSIS of August 1, 2014

1 August 2014, 14:01
Ray Steve
0
133
Prices turned lower as expected after putting in bearish Evening Star candlestick pattern bolstered by negative RSI divergence. Sellers now aim to challenge the 38.2% Fibonacci retracement at 1921.80, with break below that on daily closing basis exposing 50% level at 1900.30. Alternatively, a reversal above the 23.6% Fib at 1948.40 clears the way for challenge of the 14.6% retracement at 1964.80.