Technical Update: S&P Futures Support And Resistance

S&P futures, currently at 1997.50, have spent the entirety of this week consolidating the recent impressive gains and working off some of the overbought condition that had built up. According to technicians, the eventual upside target comes in at 2057.38. This is based on the idea that the current wave (“((((v))))”) will roughly match the first wave in the sequence (wave “((((i))))” which took place from February to the beginning of April). The first support that comes into play for the “minis” is the previous closing high of 1980.75.