Technical forecast for S&P 500

SP3

Emini S&P Sep13 made it back to 1693/94 for a selling opportunity & topped exactly here. We broke 1687/86 as we test this week’s low & trend line support at 1676/75. We suggested this was a buying opportunity & indeed we bounced sharply from 1677 but there is a growing risk of a break below 1675 today. THIS IS IMPORTANT AS IT WOULD COMPLETE A BEARISH HEAD & SHOULDERS PATTERN & TARGET 1647/45 BEFORE THE END OF AUGUST. Just watch good support at 1670/69 along the way

Immediate resistance at 1682/83 then 1686 could hold the topside. However above 1690 offers a selling opportunity again at 1693/94 today with stops above 1697.

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