Technical forecast for S&P 500

sp1

S&P broke 1641/43 resistance but could not reach the next target of 1649/51. If we reach this far today watch for a high for the day & exit longs & try shorts with stops above 1657.

We are overbought short term now so a drift lower over the next day or two is possible. Failure to regain 1641 keeps the market under pressure for 1630/29. This may hold the downside today but a break lower should see 1623, possibly 1617/16 where we look for a low for the day.

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