Technical forecast for S&P 500

SP

Emini S&P Sep13 dived to 1628 but held above 1624 to ensure longs were held. Resistance at 1645/46 with a high for the day possible but be ready to go with a break higher for 1650/51 & a selling opportunity with stops above 1654.

Today’s low is 1639 but below here support at 1635 could hold the downside. However if we continue lower we have good support at last week’s low of 1627/25. Any longs need stops below 1623 as a break keeps the market under pressure for important Fibonacci support & a buying opportunity at 1620/18.

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