Technical forecast for S&P 500

SP2

Emini S&P Sep13 did continue higher & run in to 1693/94 for a selling opportunity & we topped exactly here. We fell to immediate support at 1687/86 for profit taking & bottomed exactly here.

This is good support at again today but below here is more negative & could lead us to 1683/82 before yesterday’s low at 1679. Below here this week’s low & trend line support at 1676/75 for a buying opportunity as this market continues to range trade & unwind an overbought stochastic.

Use 1693/94 for a selling opportunity again today 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 in a short term overbought market.

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