S&P 500 Futures Forecast December 13, 2012, Technical Analysis

The S&P 500 Index futures rose during the session on Wednesday as the “risk on” trade came back into play. With the Federal Reserve announcing that it was extending its quantitative easing programs, the markets were in rally mode.

The shape of the candle suggests that we are going to have quite a bit of resistance all the way up to the 1460 level, but this was something that we had anticipated. We think that this market will begrudgingly rally, and will have fits and starts. This will be suited more for the longer-term trader and will more than likely be difficult for those of you who like to trade off the short-term charts. With that being said though, we are bullish of this market and see no reason to sell since we managed to smash through resistance level.