Trading Advice Daily Forecast for the Emini S&P500

We’re expecting to a see a continuing mixed bag while the market trades between the 1277.50 and 1262.50 levels. The overall bias for this week continues to be to the downside so if the market drops below the 1265.00 level the bears are likely to take a stronger stance. If there is a breakout to the upside the 1281.50 level would be a good selling point.

 Look for key resistance at 1274.25, 1277.50, 1281.50 & 1288.50 the pivot at 1270.00, and key support at 1263.25, 1256.50, 1251.50 & 1245.25.

Tuesday August 26

Yesterday’s weakness came in stronger and faster than expected, so today is going to be rather unpredictable. Instead of continuing strength to the downside that we projected yesterday we may see something of a rebound, even to the extent of closing yesterday’s gap, before more weakness creeps back in tomorrow.

Look for key resistance at 1271.25, 1277.00, 1286.00 & 1293.50 the pivot at 1267.75, and key support at 1263.25, 1256.50, 1247.50 & 1241.50.

Monday August 25

As the new week begins, we are seeing a turning point based on our cycle analysis. Beginning today and in the coming days we are expecting increasing weakness to come back into the market at least through the end of the week. When exactly that turning point will come today is a little harder to project, so expect the possibility of a mixed bag while the cycles transition. There is also the possibility of a new high being made today before the turn to the downside takes effect, so be cautious about trying to call the top.

Look for key resistance at 1292.75, 1299.00, & 1307.50 the pivot at 1286.75, and key support at 1283.25, 1277.50, 1269.00, 1264.25 & 1255.50.