S&P 500 Index Forecast August 24, 2012 Technical Analysis

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The S&P 500 index had a negative session during the Thursday trading day, to fall and test the 1400 level. The area should be fairly supportive, and it should be noted that the market did bounce a little bit towards the end of the trading day. However, we see the 1380 is much more supportive, and in such we believe that it is very possible that we will continue lower. Once we get the 1380 though, we are more than willing to go long on supportive candles.

However, we have to admit that the 1400 level could end up being supportive before it’s all said and done. Because of that a supportive candle even if this level would be interesting enough for us to start buying S&P 500 futures, or at least high beta names that the United States.

 

S&P 500 Index Forecast August 24, 2012 Technical Analysis

S&P 500 Index Forecast August 24, 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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