Technical Forecast for S&P 500
S&P stuck in a range for a week now. We beat resistance at 1653 to reach the next resistance at 1659 & top out. If we hold 1653 now, look for a retest of 1659/60. A push higher today then targets 1665 for a selling opportunity but a break higher could reach 1673/74. If this does not hold we could see all time highs at 1685.
Below 1653 could see us at 1645. A break of yesterday’s low at 1641 could then test last week’s low at 1634/32. The outlook remains weak so a break lower cannot be ruled out but 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.
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