The S&P 500 Index futures initially trying to rally during the Tuesday session, but found the area above the 1420 level to be far too resistive to
The S&P 500 Index futures initially trying to rally during the Tuesday session, but found the area above the 1420 level to be far too resistive to hang onto. Because of this, we ended up falling back down towards the 1400 level, closing at the very lows of the session and sitting just on top of quite a bit of support.
With this in mind, we think this market will continue to chop around between the 1380 and 1420 levels, at least until we get some type of resolution with the fiscal talks going on in Washington DC. Sooner or later, the market will move and it will more than likely be as a result of what goes on in those meetings.
S&P 500 Index Futures Forecast December 5, 2012, Technical Analysis
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.
