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S&P 500 Index Futures Forecast December 3, 2012, Technical Analysis

By:
Christopher Lewis
Updated: Aug 20, 2015, 23:00 UTC

The S&P 500 futures advanced for most of the session on Friday, but found quite a bit of resistance at the 1420 level. This resistance caused the

S&P 500 Index Futures Forecast December 3, 2012, Technical Analysis

The S&P 500 futures advanced for most of the session on Friday, but found quite a bit of resistance at the 1420 level. This resistance caused the market fall back down, and then of course caused a shooting star as you can see on the daily chart. However, a pullback would necessarily be out of the question right now even with a bullish attitude.

We think that a break of the lows from Friday is a sell signal, but probably only down to about the 1380 handle. If we did break below 1380, we would get aggressively short. However, a move above the 1420 level would be a breaking of significant resistance, and as such we would start buying.

 

S&P 500 Index Futures Forecast December 3, 2012, Technical Analysis
S&P 500 Index Futures Forecast December 3, 2012, Technical Analysis

 

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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