S&P 500 Index Forecast August 27, 2012, Technical Analysis

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The S&P 500 Index had a bullish session on Friday as the 1400 level offered support. The Federal Reserve Chairman stated in front of Congress that there was still room for monetary policy to be implemented by the Federal Reserve, and as such many in the market will have looked at it as yet another bullish sign for monetary easing in the month of September.

With this in mind, it should drive stock prices higher, and the S&P 500 certainly looks bullish at this point anyways. If we get below the 1400 level, there is massive support at 1380 as well, and this makes us even more bullish. On a break of the recent highs on Tuesday, we are more than willing to go long S&P 500 futures. Higher beta stocks such as technology and financials could do well in this type of environment as well.

S&P 500 Index Forecast August 27, 2012, Technical Analysis

S&P 500 Index Forecast August 27, 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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