The S&P 500 Index futures shot straight up during the session on Tuesday, as we bounced off of the 1400 level yet again. However, we are pressing
The S&P 500 Index futures shot straight up during the session on Tuesday, as we bounced off of the 1400 level yet again. However, we are pressing against the 1425 level, which of course is resistance. This looks like a simple retest of the resistance, and we will have to wait and see if we can break above the highs from the Friday session of last week. If that happens, we would be long.
Alternately, we think that we could continue the consolidation down to the 1400 level. If that level gives way though, we would be aggressively short of this market.
S&P 500 Index Futures Forecast November 7, 2012, Technical Analysis
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
