30 Aug 2013
S&P 500 Futures have commence their bounce towards 1,690
FXstreet.com (Barcelona) - The S&P e-Mini Futures blew off Syrian concerns, tapering talk and budget issues in D.C. to finish comfortably higher Thursday. So far on Friday, the short-term upward trend has continued.
A variety of forces are allowing for stocks / futures to rally
Whether it was technicals alone or a combination of technicals and an easing of Syrian concerns, the S&P futures stopped falling and started to advance higher on Wednesday. That initial turn has held its momentum (if you can call it that in this low volume trading environment) thus far two sessions later. Another factor for the rally that has to be acknowledged is the end-of-the-month “window dressing phenomenon – which is being exacerbated by the light volume environment in the U.S. and Europe this week.
Technical outlook for the S&P 500 futures
Technicians are saying this bounce could continue in the coming days / weeks and should eventually test the 1,690 resistance level on the S&P futures. However, short-term resistance will come into play at 1,667. Below Tuesday’s low of 1,626.25, support for the S&P futures come into play at 1,611.22.
A variety of forces are allowing for stocks / futures to rally
Whether it was technicals alone or a combination of technicals and an easing of Syrian concerns, the S&P futures stopped falling and started to advance higher on Wednesday. That initial turn has held its momentum (if you can call it that in this low volume trading environment) thus far two sessions later. Another factor for the rally that has to be acknowledged is the end-of-the-month “window dressing phenomenon – which is being exacerbated by the light volume environment in the U.S. and Europe this week.
Technical outlook for the S&P 500 futures
Technicians are saying this bounce could continue in the coming days / weeks and should eventually test the 1,690 resistance level on the S&P futures. However, short-term resistance will come into play at 1,667. Below Tuesday’s low of 1,626.25, support for the S&P futures come into play at 1,611.22.