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Technical forecast for S&P 500

By () · June 18, 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 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.

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