SP500 starting downtrend from resistance 3337.5 with target on support 3325

Anton Kolhanov Anton Kolhanov

S&P500, ES futures market, Friday forecast, January 24

Downtrend
The downtrend may be expected to continue, while pair is trading below resistance level 3337.5, which will be followed by reaching support level 3325 - 3321.25 and if it keeps on moving down below that level, we may expect the pair to reach support level 3312 - 3307.25.
Uptrend
An uptrend will start as soon, as the pair rises above resistance level 3337.5, which will be followed by moving up to resistance level 3350.5.

Weekly forecast, January 20 - 24

Most important news of this week
Monday: United States - Martin Luther King, Jr.
Tuesday: EU ZEW Economic Sentiment (Jan)
Wednesday: US Existing Home Sales (Dec)
Thusrday: EU Deposit Facility Rate (Jan), EU ECB Monetary Policy Statement, EU ECB Press Conference, Crude Oil Inventories
Friday: EU German Manufacturing PMI (Jan), EU Manufacturing PMI (Jan), US Manufacturing PMI (Jan)

Forecast and technical analysis
Uptrend
The uptrend may be expected to continue, while pair is trading above support level 3305, which will be followed by reaching resistance level 3330.25 and if it keeps on moving up above that level, we may expect the pair to reach resistance level 3354.
Downtrend
An downtrend will start as soon, as the pair drops below support level 3305, which will be followed by moving down to support level 3275.50 - 3263.25.

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.

Author

Anton Kolhanov

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

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