Technical Forecast for S&P 500

Emini S&P Sep13 held resistance at 1696/97 perfectly & as predicted we headed lower but held just above 1681/80. Today could be significant if only in the short term, as we could be forming a small head & shoulders pattern with a neck line at 1683. A close below here today would give us a measured target of 1655, possibly 1647 in the days to follow. However along the way we meet strong support at 1670/69 with a bounce from here expected today at least.

 

Resistance at 1689/90 then 1696/97 for a selling opportunity with stops above 1700 for a retest of all time highs at 1704/05. This should offer a selling opportunity at this stage.