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S&P: Hit 1799

Published 12/05/2013, 05:14 AM

S&P Weekly Chart
Emini S&P bounced perfectly from our buying opportunity at 1784/83 to hit 1799, but then collapsed holding above a buying opportunity at 1774/72 where a low for the week is likely. Today below 1790 keeps the market under pressure for 1785/84. If this does not hold the downside look for 1778/77 again, possibly good support at 1774/72 for a buying opportunity, with stops below 1769.

Above 1795 is less negative but we will need to beat strong resistance at 1799/00 for a test of 1805. Above here look for 1809 & possible a retest of all time highs at 1812 for a selling opportunity as we look for a bearish double top.

Weekly outlook: Support at 1774/72 where a low for the week is likely but a break lower risks 1747.

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