Dear readers,
S&P500 has met my technical target of around 2,188. What’s next?
Read on for more.
S&P500 Index
Just to recap what I have mentioned on 5 Aug 2016 (see HERE), I wrote “Notwithstanding the continued bearish divergences indicated by MACD, RSI and the low ADX, my chart outlook continues to be the same as per two weeks ago. S&P500’s exponential moving averages (“EMAs”) continue to move higher with a constant degree of separation which is a positive development. The break above the trading range of 2,034 – 2,111 points to an eventual measured technical target 2,188. Strong resistance is likely to be around 2,188 – 2,200.”
–> Over the past two weeks, S&P500 met my measured technical target 2,188. It touched an intraday high of 2,194 on 15 Aug 2016 before closing at 2,184 on 19 Aug 2016.
Based on Chart 1 below, my chart ......