S&P 500 Forecast for the week of September 3, 2012, Technical Analysis
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The S&P 500 Index had a negative week over the last five sessions, but managed to bounce off of the 1400 level. This area is significant support, so it shouldn’t have, it’s too much surprise. The end of the week saw the candle forming a hammer, and this suggests that we are getting ready to breakout. The buy signal is fairly straightforward, as it is simply a move above last week’s hiatus. This would be a new high over the last several years, and have this market continuing the search for higher prices.
As for selling this market, we simply see no value in it at this point in time. In fact, we need to see this market shed of roughly 100 points to even begin to contemplate that move. As we get our buy signal that we expect, we would be buying S&P 500 futures in order to take advantage of the move without the company by company risk.
S&P 500 Forecast for the week of September 3, 2012, Technical Analysis
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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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