SP 500 Forecast August 10, 2012, Technical Analysis

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The S&P500 had another bullish session on Thursday, but failed to gain anything that would be considered impressive. However, we must put this into the context of the 1,400 level. This area should continue to be resistive, as it is both a psychological level as well as the top of a channel that the markets have been climbing since the start of June.

The market certainly looks strong, but a pullback seems to be imminent. The fall should only be to the bottom of the channel, so we aren’t looking for some kind of meltdown, rather a pullback to continue the buying. The one thing that could derail the rally is the Federal Reserve of course, as it appears that the market is anticipating more monetary easing by the central bank. If they don’t get it – we could see a serious move lower.

 

SP 500 Forecast August 10, 2012, Technical Analysis

SP 500 Forecast August 10, 2012, Technical Analysis

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About: FX Empire Analyst - Christopher Lewis

Christopher is a part of the FXEmpire.com analysis team. He writes Forex and Commodities technical analyses on daily and weekly basis. Christopher writes his analyses in a professional and yet simple to understand manner. His analyses are available in both text and videos.

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