Dear readers,
Happy Chinese New Year! Hope you have had a great and enjoyable CNY celebration!
However, for our markets, it does not seem as joyous because Asian markets posted declines immediately after CNY. S&P500 plunged to touch a two-year low on 11 Feb 2016.
Read on to find out more on their technical outlooks…
S&P500 Index
Just to recap what I have mentioned on 22 Jan 2016 (read here), I wrote “As the overall trend is bearish in the medium term, any rebound is likely to be short lived and arrested around the near term resistance region of around 1,940 – 1,946”
–> My chart analysis was spot on! In the technical rebound from 22 Jan to 1 Feb 2016, S&P500 first closed at 1,940 (day high) on 29 Jan 2016. It subsequently touched an intraday high of 1,947 on 1 Feb 2016 before the decline resumes ......