S&P 500 Technical Forecast: Watching for a Pullback
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
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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.