Technical Forecast for S&P 500

Emini S&P Sep13 broke lower to 1675 but has shot higher to resistance at 1689/90. If we continue higher today we run in to 1693/94 for a selling opportunity with stops above 1697. We could then see 1700 before all time highs at 1704/05. This should offer a selling opportunity at this stage as we look for a double top pattern.

 

Immediate support is 1687/86 so below here is more negative today & could lead us to 1683/82. Any longs here need stops below 1680 for a retest of yesterday’s low at 1675. Below here look for strong support at 1670/69 with a bounce from here expected today.