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Technical Forecast for S&P 500

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Technical Forecast for S&P 500

 


S&P broke 1605/04 to hit the next target of 1596/93 & bounced as hoped. The sharp rally has taken us above 1617 & if we can hold above here today we could reach 1628/30. We should struggle here but a break higher could target 1641/42 & possibly strong resistance at 1649/51 for a selling opportunity.


 


Back below 1616 risks a test of 1608/06 with a bounce possible from here. If however we continue lower we could retest 1596/93 & a low for the day likely. However a break lower meets very good support at 1589/86. A low for the week is very possible here but longs need stops below 1581.

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Technicals Markets Trading Ideas

 

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