Technical forecast for S&P 500

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.