S&P 500 Index Forecast October 18, 2012, Technical Analysis

By FX Empire Analyst - Christopher Lewis
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The S&P 500 had a very strong showing on Wednesday as the market bounced off of the 1420 level. This area will have been support a couple times now, and as such this would have been no surprise to most technicians. The fact that we closed towards the very top of the range also speaks well of the markets momentum, and as such we are buying short-term dips in this market via the futures pits.

We think that the 1450 level is a relatively conservative target as this would simply state that the market was still in consolidation. We do believe that the top will eventually give way to the buyers, and as such we expect higher prices. As for selling, we wouldn't do it unless we managed to fall below the 1400 level.


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