SPX500 Analysis 19.08.2015 (US session)

invezted.com

Context:
price remains in its range with support beeing 2043 and resistance at 2134
its building a cause for the next move , depending on the change of supply and demand

Location:
Price currently resides at the "mean" of the range at 2090 one could say we trade at "fair" value
and these locations usually mean chop , also they give further insight on the future course
ie. on a rejection to the downside we will visit support again and vice versa

Price Action
Price is in a decline from the resistance level and currently formed a minor range between
resistance 2095 and support 2080 , whereas we broke to the upside , price declined back
into its range and sits at the mean of 2088

Conclusion:
intraday wise one could take a chance and play a long setup at the current mean of 2088
howver as we had some overbought conditions at hands , one should be quick at taking profits or scratching the trade,
on the short side wait till price breaks the support level of 2080

support:
2088
2080
2044

resistance:
2100
2115
2135