{"id":56747,"date":"2010-06-15T13:54:24","date_gmt":"2010-06-15T03:54:24","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2010\/06\/15\/sp500-facing-stiff-resistance\/"},"modified":"2010-06-15T13:54:24","modified_gmt":"2010-06-15T03:54:24","slug":"sp500-facing-stiff-resistance","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2010\/06\/15\/sp500-facing-stiff-resistance\/","title":{"rendered":"S&P500 Facing Stiff Resistance"},"content":{"rendered":"

\n\tBy Rudi Filapek-Vandyck<\/p>\n

\n\tFrom a technical perspective, the S&P500 index failed to climb and stay above its 200-day moving average at the end of Monday's session. Yet, not every market commentator is convinced this spells bad news for the immediate outlook for global equities.<\/p>\n

\n\tThe Nasdaq, regarded as the real leader this time around, is well and truly trading above its 200-day moving average, partly fuelling ongoing optimism among the less-bearish minded market commentators.<\/p>\n

\n\tRegardless, chartists here and there continue pointing out the S&P500 is likely to find it tough to break above the 200-day moving average. This is because the index is facing several points of resistance in between 1,106 and 1,114 – the 200-day moving average is only one of these resistances.<\/p>\n

\n\tThere is also a Fibonacci retracement level at 1,109 plus a price gap on charts that was formed on the one-hour chart between the June 3 closing low of 1,100 and the June 4 opening high of 1,098. This, chartists say, must be closed.<\/p>\n

\n\tAlso, while some commentators point out the US market might be forming a base above the recent low of 1041, others continue to be of the view the market is forming a multi-month top instead.<\/p>\n

\n\tThis apparent ambivalence in technical signals (interpretation?) probably explains why equity markets throughout Asia remain cautious and without any real direction on Tuesday. <\/span><\/p>\n

\n\tNote: leading indices in Australia are equally trading (well) below 200-day moving averages and 50-day moving averages recently broke below 200 M\/A for both the All Ordinaries and the ASX200 index.<\/p>\n

\n\t\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

Monday’s failure by the S&P500 to close higher is proof of fierce resistance awaiting the index, chartists report.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[26],"acf":[],"_links":{"self":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/56747"}],"collection":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/comments?post=56747"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/56747\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=56747"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=56747"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=56747"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}