Technical forecast for S&P 500

S&P Sep13 reached the next target of 1647/48 & topped almost exactly here at 1649. We are very overbought short term now & hitting 6 month trend line resistance. There is therefore a risk of a move lower today. We would look for a test of support at 1638/36 & a bounce from here possible. However if we continue lower we should see 1632/31 before excellent support at 1628/26 & a buying opportunity for the day.

Be ready to go with a break above 1650 for a test of June highs at 1655/57. This should hold the topside at this stage but above 1660 could see a move towards 1672/73.