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Key Resistance Awaits in the S&P 500

Key Resistance Awaits in the S&P 500

Kristian Kerr, Sr. Currency Strategist

The S&P 500 has bounced from the 2040 support/pivot I was eyeing this morning (read it HERE). This opens the door for a possible test of the top end of the channel that has been influencing price over the past few months. The equivalent level in futures comes in around 2085 in the SPX500 (FXCM CFD that tracks the S&P 500). I will be looking to get short slightly ahead of it with a tight stop just over 2100. Weakness under 2040 would signal that a top of some kind is already in place.

Looking to sell the S&P 500 around 2180 with a stop over 2104.

What is the #1 mistake most FX traders make? Find out HERE.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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