S&P 500
The Golden Cross condition on both EMAs and RSI(14) indicator in the Neutral-Bullish level confirms the dominance of buyers, so in the near term there is a potential for #SPX to move toward its nearest resistance level.
Key Levels
1. Resistance. 2 : 7432.90
2. Resistance. 1 : 7396.05
3. Pivot : 7331.60
4. Support. 1 : 7294.67
5. Support. 2 : 7230.22
Tactical Scenario
Positive Reaction Zone: If the price holds at 7331.60, there is a likelihood of a rise toward 7396.05.
Momentum Extension Bias: If 7396.05 is broken, #SPX may test 7432.90.
Invalidation Level / Bias Revision
The upside bias weakens if #SPX breaks down below 7
Technical Summary
EMA(50) : 7330.84
EMA(200): 7261.35
RSI(14) : 69.19
Economic News Release Agenda:
From the United States the following economic data will be released:
US - Challenger Job Cuts y/y - 18:30 WIB
US - Unemployment Claims - 19:30 WIB
US - Prelim Nonfarm Productivity q/q - 19:30 WIB
US - Prelim Unit Labor Costs q/q - 19:30 WIB
US - Construction Spending m/m - 21:00 WIB
US - Natural Gas Storage - 21:30 WIB
US - Consumer Credit m/m - 02:00 WIB
