Technical forecast for S&P 500

SP1

Emini S&P Sep13 broke lower to 1675 but has shot higher to resistance at 1689/90. If we continue higher today we run in to 1693/94 for a selling opportunity with stops above 1697. We could then see 1700 before all time highs at 1704/05. This should offer a selling opportunity at this stage as we look for a double top pattern.

Immediate support is 1687/86 so below here is more negative today & could lead us to 1683/82. Any longs here need stops below 1680 for a retest of yesterday’s low at 1675. Below here look for strong support at 1670/69 with a bounce from here expected today.

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