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Fan Yang

S&P500 bounces off 2000, but resistance starts at 2040

The S&P500 slid sharply in the couple of sessions following the Brexit result. However, the market supported the index at 2000 during the 6/28 session. As we start the 6/29 session, we should limit the bullish outlook with focus on the 2040-2050 area for resistance. 

S&P500 Daily chart 6/29

(click to enlarge)

Pivot Area: As we can see in the daily chart, 2040-2050 includes a bunch of previous support pivots, which might act as resistance pivots. 

Bearish Target: From this 2040-2050 area, we an anticipate selling towards 2000. Given the current uncertainty and risk aversion, I think we an anticipate some further downside risk. I would limit this bearish outlook to the 1970-1980 area, which represents the middle of the consolidation range between roughly 1820 and 2135. 

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