S&P 500 Index Forecast October 11, 2012, Technical Analysis
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The S&P 500 Index fell precipitously during the session on Wednesday as we close of the very lows of the range. The market closed right on top of support in the form of the 1420 level, and as such we do feel that the next day or two could be very important for the next move.
If we managed to break below 1420, we feel that the 1400 level will certainly be tested. Below there, we think this market could really accelerate to the downside. As for buying the S&P 500, we would do it through ETFs if we got some type of supportive candle. The reason for this of course is the fact that they aren’t leveraged, and this can save you a lot of pain if the down move continues. At this moment in time however we are very flat.
S&P 500 Index Forecast October 11, 2012, Technical Analysis
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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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