SP500 going to resistance 3330 while trading above support 3316.75

Anton Kolhanov Anton Kolhanov

SP500, ES futures market Friday forecast, January 17

Uptrend
The uptrend may be expected to continue, while pair is trading above support level 3316.75, which will be followed by reaching resistance level 3323.25 and 3330.
Downtrend
An downtrend will start as soon, as the pair drops below support level 3316.75, which will be followed by moving down to support level 3307.75.

Weekly forecast, January 13 - 17

Most important news of this week
Monday: -
Tuesday: US Core CPI (YoY) (Dec)
Wednesday: US-China trade war phase 1 deal, Crude Oil Inventories
Thursday: EU ECB Publishes Account of Monetary Policy Meeting, US Core Retail Sales (MoM) (Dec)
Friday: EU Core CPI (YoY) (Dec)

Forecast and technical analysis
Uptrend
The uptrend may be expected to continue, while pair is trading above support level 3287.25, which will be followed by reaching resistance level 3312.
Downtrend
An downtrend will start as soon, as the pair drops below support level 3261, which will be followed by moving down to support level 3220.

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.

Author

Anton Kolhanov

Anton Kolhanov is a trader and an analyst. He started to study the Forex market in 2003.

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