Market Overview

Technical Forecast for S&P 500

Technical Forecast for S&P 500


S&P went higher than expected to 1672 but sold off sharply. We have decent support at 1651/49 but longs need stops below 1645 as this risks a retest of last week’s low at 1634/32. A break lower cannot be ruled out this week with the daily chart looking increasingly negative. However 1627/26 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.
Resistance at 1665 could hold the topside today but above here we meet 1672/74. A break higher would be a surprise but opens the door to a retest of all time highs at 1685.

The preceding 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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