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S&P 500 Technical Forecast: Watching for a Pullback

S&P 500 Technical Forecast: Watching for a Pullback

Paul Robinson, Strategist

The S&P 500 is bumping up against the top-side of a channel structure that has been in place since May, and while at record highs it looks at risk of weakness. This has been the pattern for equities, notch a new record high and then not long after take a dip. With that in mind, watching for a potential dip-trip opportunity relatively soon. Even with a neutral to bearish bias, shorts still don’t hold appeal as grinding type price action in record territory can carry on for a while and be quite painful.

For the full details, please check out the video above…

S&P 500 Daily Chart

S&P 500 daily chart

S&P 500 Chart by TradingView

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at@PaulRobinsonFX

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

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