Technical Forecast for S&P 500
S&P beat 1653/55 resistance as we look for 1659. If we reach as far as 1665 this should offer a
selling opportunity with a high for the recent bounce expected. This is seen as a correction only to last week’s losses, with selling to continue towards the end of the week.
Immediate support is 1653/55 but below 1650 look for 1645. This is quite good support & could hold the downside today, but below here we look for a retest of last week’s low at 1634/32. A break lower cannot be ruled out this week & should target 1627/26 but this 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.
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