S&P 500 Index Forecast August 23, 2012, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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The S&P 500 index fell for most of the session on Wednesday as the Federal Reserve releasing its minutes from the previous meeting. There was a sense of urgency when it came to easing, but we are also at extreme highs from last April, and it appears a bit of profit taking has happened.

The 1425 level has held as resistance so far, but it should also be noted that the candles right around the 1400 level also acted as support during the Wednesday session. This suggests based upon the hammer that we printed for the day that there is still significant positive pressure in this market. If we can break above the highs from the Tuesday session, but and close on the daily chart above that spot, we are more than willing to start buying S&P futures and high beta stocks. As for selling, we see far too many support levels below to do so.

 

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