Technical forecast for S&P 500

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S&P beat 1653/55 resistance as we look for 1659. If we reach as far as 1665 this should offer a
selling opportunity with a high for the recent bounce expected. This is seen as a correction only to last week’s losses, with selling to continue towards the end of the week.

Immediate support is 1653/55 but below 1650 look for 1645. This is quite good support & could hold the downside today, but below here we look for a retest of last week’s low at 1634/32. A break lower cannot be ruled out this week & should target 1627/26 but this is strong support for a first test at least so maybe exit shorts & try longs with stops below 1620 for a buying opportunity at 1614.

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