S&P 500 Index Forecast July 5, 2013, Technical Analysis

The S&P 500 as you can see was not open during the session on Thursday, as it was the American Independence Day. However, this market has an important session to deal with today, simply because it is nonfarm payroll Friday. You can see that we have been grinding away in a relatively small trading range, essentially between 1600 and 1625. Looking at this chart, the nonfarm payroll Friday may be an opportunity to breakout of this trading range, especially considering that it will be very illiquid market conditions. That being said, where the way till the end of the day in order to see if we close outside of that consolidation area, as it should show a significant move in one direction or the other about to happen.