S&P 500 Index forecast for the week of October 22, 2012, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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The S&P 500 had a pretty rough week as it managed to gain slightly, but this of course doesn't tell the entire story. The fact is that the gains were all but given up on Friday, and we formed a shooting star. However, it does look like the 1400 level below is very supportive. We simply think that a pullback is coming, and quite frankly that it's overdue.

With this being said, we are waiting for the supportive candle in order to go long. However, a daily close below that aforementioned 1400 level has a selling aggressively in the futures market, or the above-mentioned ETF.

 

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