Technical forecast for S&P 500

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.