From a technical viewpoint: yesterday's action treated in a very narrow range market attempted to trade higher than the last two hours after lower to close slightly lower on the session. The configuration suggests that there still is a high probability for the market to move above the 938.60 level today. If the market closes above 938.60 then an extended upward move toward the 944.95/956.30 levels will be signaled. However, a failure to close above this level today will indicate that a 3 to 5 day decline will unfold. Should this occur, a decline toward the 908.50/895.05 levels will be signaled.
S & P 500 | Support | Resistance |
| |
1 | 922.00 | 931.65 | ||
915.30** | 938.60* | |||
3 | 908.50 | 944.95 | ||
Extreme | 895.05 | 956.30 | ||
*key pivot points
Expect a flat to lower open with a 60 percent probability for a higher close today.
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