Technicals - S&P500 index key support located at 1867

Angela Mangan

QMG Pty Ltd

The S&P500 index originally generated a technical sell signal at 2050 on 3/12/15. The index technical outlook turned negative at that point. A secondary technical sell signal was generated at 1990 on 6/1/16. The subsequent decline resulted in the nominated downside technical target located at 1920 being reached / exceeded, which was the minimum expectation for a pullback. Major support is now located at 1867. A close below 1867, if it occurred, would signal the next major downward move. Major subsequent support in that scenario would be located at 1770, the technical support barrier that has underpinned the index since 2009. Accordingly, the 1867 level is currently the key technical level to watch.


Angela Mangan
Angela Mangan
Technical Analyst
QMG Pty Ltd

Angela has over 30 years experience in the technical analysis field. She provides technical analysis coverage of major Australian and global stocks / key markets, including provision of a bespoke technical service to wholesale clients.

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