General overview for 05/12/2016:
Analysis conducted for BD Global Trading proprietary trading company.
After determining the peak of the first wave at the level of 2,212 points, the index of wide market SP500 is currently in a correction cycle. The first target level, ie local support for 2180 has already been tested, but further declines towards next support level at 2,148 points are not excluded. Only a sudden, impulsive upside breakout in the direction of 2250 overrides the currently preferred scenario of a downward correction.
2210 – Intraday Resistance
2191 – ATH
2185 – Weekly Pivot
2180 – Intraday Support
2148 – Intraday Support
1981 – Technical Support
Upside seems to be limited as the top of the wave 1 is in place now. Corrective cycle ahead*.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.