S&P500 Daily Analysis

General overview for 13/01/2017:

After determining the peak of the third wave at the level of 2278 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 2212 points are not excluded. Only a sudden, impulsive upside breakout in the direction of 2280 overrides the currently preferred scenario of a downward correction.

Support/Resistance:
2278 – Intraday Resistance
2279 – ATH
2259 – Weekly Pivot
2211 – Intraday Support
2180 – Intraday Support
2027 – Technical Support

Trading recommendations:
Upside seems to be limited as the top of the wave 3 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.

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