Technical Forecast for S&P 500

Emini S&P Sep13 made it back to 1693/94 for a selling opportunity & topped exactly here. We broke 1687/86 as we test this week’s low & trend line support at 1676/75. We suggested this was a buying opportunity & indeed we bounced sharply from 1677 but there is a growing risk of a break below 1675 today. THIS IS IMPORTANT AS IT WOULD COMPLETE A BEARISH HEAD & SHOULDERS PATTERN & TARGET 1647/45 BEFORE THE END OF AUGUST. Just watch good support at 1670/69 along the way

 

Immediate resistance at 1682/83 then 1686 could hold the topside. However above 1690 offers a selling opportunity again at 1693/94 today with stops above 1697.