S&P 500, Wednesday forecast, November 6
Today there is no strong news, so the equity market is going to be trading technically.
Forecast and technical analysis
Downtrend
The downtrend may be expected to continue, while the S&P 500 is trading below resistance level 3077.75, which will be followed by reaching support level 3067.5 and 3055.
Uptrend
An uptrend will start as soon, as the S&P 500 rises above resistance level 3077.75, which will be followed by moving up to resistance level 3085.75 and 3091.
(Click on image to enlarge)
Most important news of this week
- Monday: EU Manufacturing PMI; ECB President Lagarde Speaks
- Tuesday: US Markit Composite PMI; Services PMI; ISM Non-Manufacturing PMI; API Crude Oil Stock
- Wednesday: EU Markit Composite PMI; Services PMI; Crude Oil Inventories
- Thursday: EU Eurogroup Meeting
- Friday: EU Finance Ministers Meeting;
Forecast and technical analysis
Uptrend
The uptrend may be expected to continue, while the S&P 500 is trading above support level 3050.50, which will be followed by reaching resistance level 3091 and if it keeps on moving up above that level, we may expect the S&P 500 to reach resistance level 3190.
Downtrend
A downtrend will start as soon, as the S&P 500 drops below support level 3050.50, which will be followed by moving down to support level 4024.50.
(Click on image to enlarge)
Monthly forecast: November - December
Uptrend
The uptrend may be expected to continue, while the S&P 500 is trading above support level 3024 - 3008, which will be followed by reaching resistance level 3190.
Downtrend
A downtrend will start as soon, as the S&P 500 drops below support level 3008.50, which will be followed by moving down to support level 2951 and 2850.
(Click on image to enlarge)
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