Technical forecast for S&P

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S&P back up testing the 1633 target. We are severely overbought & a dip to support at 1619 is possible today. We held just above here yesterday but below here this week look for 1611/08 to exit shorts & try longs with stops below 1604.

A break higher in this unstoppable bull run can never be ruled out. All overbought indicators are being ignored at this stage so above 1633 look for 1638, possibly 1644 & 1647/48 this week.

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. www.daytradeideas.com has established itself as the leading provider of... More