Current trend 

S&P 500 remains under pressure. The price is near the important support level of 2695.3 (Murrey [0/8]). If it is broken down, the following target will be at 2682.8.

One of the reasons for the decline of the index is inflation data released last week. Consumer Price index grew in May and currently is 2.3%. It is obvious that the Fed, in connection with strong economic data, will continue to tighten monetary policy and raise the interest rate, which will also have a negative impact on stock market index quotes.

Negotiations on trade duties with China have not yet yielded meaningful results, despite the fact that the PRC has eased restrictions on foreign investment in the financial and agricultural sector, which also forces investors to seek levels for the sale of the asset.

Today, investors expect releases of Manufacturing PMI and construction spending in the US.

Support and resistance

Stochastic is at the level of 15 points and indicates the possible correction.

Resistance levels: 2705.1, 2714.8.

Support levels: 2695.3, 2682.8.

Trading tips

Long positions may be opened from the support level of 2695.3 with take-profit at 2714.8 and the stop-loss at 2688.5.

S&P500 index of the American stock exchange

BuySellSpread
2798.62798.24

Scenario

TimeframeDay's Range
RecommendationsBUY LIMIT
Entry Point2695.3
Take Profit2714.8
Stop Loss2688.5
Support levels2682.8, 2695.3, 2705.1, 2714.8
SPX: general review

The material published on this page is produced by the Claws&Horns Company and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

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