Technical forecast for S&P 500

S&P took a tumble but held above last week’s low at 1634/32. The outlook remains weak so we could see this area tested today. A break lower cannot be ruled out this week with the daily chart looking increasingly negative. However 1627/26 is strong support for a first test at least so maybe exit shorts & try longs with stops below 1620 for a buying opportunity at 1614.

Resistance at 1653 should be a challenge & has held the bounce so far. However a break higher could reach 1659 & possibly as far as 1665 for a selling opportunity.