Technical Forecast for S&P 500
S&P broke 1605/04 to hit the next target of 1596/93 & bounced as hoped. The sharp rally has taken us above 1617 & if we can hold above here today we could reach 1628/30. We should struggle here but a break higher could target 1641/42 & possibly strong resistance at 1649/51 for a selling opportunity.
Back below 1616 risks a test of 1608/06 with a bounce possible from here. If however we continue lower we could retest 1596/93 & a low for the day likely. However a break lower meets very good support at 1589/86. A low for the week is very possible here but longs need stops below 1581.
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