S&P 500 Forecast, Technical Analysis

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  • S&P500, ES futures market
    Monday forecast, January 27

    Downtrend

    The downtrend may be expected to continue in case the market drops below support level 3237.25, which will be followed by reaching support level 3220.25.
    Uptrend
    An uptrend will start as soon, as the pair rises above resistance level 3252, which will be followed by moving up to resistance level 3269, 3275.5 and 3291.

    Weekly forecast, January 27 – 31
    Most important news of this week
    MMonday: EU German Ifo Business Climate Index (Jan), US New Home Sales (Dec)
    Tuesday: US Core Durable Goods Orders (MoM) (Dec)
    Wednesday: US Pending Home Sales (MoM) (Dec), Crude Oil Inventories, FOMC Statement, Fed Interest Rate Decision, FOMC Press Conference
    Thursday: EU Unemployment Rate (Dec), US GDP (QoQ) (Q4)
    Friday: EU CPI (YoY) (Jan), GDP (YoY), US Michigan Consumer

    Forecast and technical analysis
    Downtrend
    The downtrend may be expected to continue, while pair is trading below resistance level 3261.75, which will be followed by reaching support level 3220.25 and if it keeps on moving down below that level, we may expect the pair to reach support level 3161.
    Uptrend
    An downtrend will start as soon, as the pair drops below support level 3261.75, which will be followed by moving down to support level 3291 – 3301.25.

    Monthly forecast, January – February
    Uptrend
    The uptrend may be expected to continue, while pair is trading above support level 3198, which will be followed by reaching resistance level 3263 and if it keeps on moving up above that level, we may expect the pair to reach resistance level 3312.
    Downtrend
    An downtrend will start as soon, as the pair drops below support level 3198, which will be followed by moving down to support level 3155 and if it keeps on moving down below that level, we may expect the pair to reach support level 3069.

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