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Technical forecast for S&P 500

By () · August 13, 2013 · Comments Off on Technical forecast for S&P 500
Futures · analysis, binary option, buy sell, candlestick, charts, day trade, day trading, down trend, fibonacci, forecast

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.

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