Technical Forecast for S&P 500
Emini S&P Sep13 did continue higher & run in to 1693/94 for a selling opportunity & we topped exactly here. We fell to immediate support at 1687/86 for profit taking & bottomed exactly here.
This is good support at again today but below here is more negative & could lead us to 1683/82 before yesterday’s low at 1679. Below here this week’s low & trend line support at 1676/75 for a buying opportunity as this market continues to range trade & unwind an overbought stochastic.
Use 1693/94 for a selling opportunity again today 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 in a short term overbought market.
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