InstaForex - Analytics

    InstaForex

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    Daily analysis of S&P 500 for February 29, 2016 2016-02-29

    In a short-term outlook, the SP 500 is currently doing a strong bullish consolidation above the daily pivot point level of 1942.9 and the 200 SMA on H1 chart. These developments are telling us that a strong rally can happen in the next days because there is a possible higher high pattern formation. RSI indicator remains on the positive territory, supporting the bullish idea.

     

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    H1 chart's resistance levels: 1960.3 / 1969.1

    H1 chart's support levels: 1942.9 / 1934.1

    Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the SP 500 breaks a bullish candlestick; the resistance level is at 1960.3, take profit is at 1969.1, and stop loss is at 1951.6.


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