S&P: Outlook Is More Negative
Jason Sen | Jul 17, 2014 02:53AM ET
Emini S&P 500 retested all time highs at 1978 for a selling opportunity and a short term double top formed yesterday. The outlook is now more negative in to the end of the week unless a close above 1980 is seen. Immediate support is 1970 then 1966/65 could hold the down side. However longs need stops below 1962 as below here is more negative and targets this week's low and important 3 month trend line support at 1959/58. A break below here adds longer term pressure to target good support at 1951/49.
Immediate resistance at 1978 all time highs is important of course. A break higher however runs in to strong short term and longer term trend line resistance at 1986/88 which should offer another selling opportunity.
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