Technical forecast for S&P 500

SP

Emini S&P Sep13 held resistance at 1696/97 perfectly & as predicted we headed lower but held just above 1681/80. Today could be significant if only in the short term, as we could be forming a small head & shoulders pattern with a neck line at 1683. A close below here today would give us a measured target of 1655, possibly 1647 in the days to follow. However along the way we meet strong support at 1670/69 with a bounce from here expected today at least.

Resistance at 1689/90 then 1696/97 for a selling opportunity with stops above 1700 for a retest of all time highs at 1704/05. This should offer a selling opportunity at this stage.

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