S&P 500 Index Forecast August 31, 2012, Technical Analysis
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The S&P 500 Index had a negative session on Thursday in order to retest the 1400 level. Level did hold as support by the end of the session, and as such we think that he could see a slight bounce from this area. In reality, there will more than likely be a strong reaction to the Jackson Hole, Wyoming speech later today by Federal Reserve Chairman Ben Bernanke. We think that the 1400 level is in fact an important area, but also the 1380 level is as well. As long as we can stay above the 1380 area, we are constructive of the S&P 500. If not, we think this market will continue to selloff until we hit the 1340 level. At this point in time, with so many crosswinds in the global economic picture, we prefer to buy S&P 500 index futures as opposed to individual stocks. If you do not favor trading futures, you can also trading ETF’s such as the SPY.
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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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