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Technical forecast for S&P 500

By () · July 11, 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 Sep13 has rocketed over night to 1666 & if we keep pushing higher we could see 1672/73. If this does not hold us back then a retest of all time highs at 1685 cannot be ruled out.

We are severely overbought short term & getting very overbought on the daily chart also. There is therefore always a risk of profit taking after a strong 2 week rally of over 100 points. Immediate support is 1658/55 but below here we should see a bounce from 1650/49 today.

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