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Technical forecast for S&P 500

By () · May 29, 2013 · Comments Off on Technical forecast for S&P 500
Indices · analysis, binary option, buy sell, candlestick, charts, day trade, day trading, down trend, fibonacci, forecast

S&P went higher than expected to 1672 but sold off sharply. We have decent support at 1651/49 but longs need stops below 1645 as this risks a retest of last week’s low at 1634/32. A break lower cannot be ruled out this week with the daily chart looking increasingly negative. However 1627/26 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.

Resistance at 1665 could hold the topside today but above here we meet 1672/74. A break higher would be a surprise but opens the door to a retest of all time highs at 1685.

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