S&P 500 Starting The Downtrend From Resistance Level 3337.5 With A Target On Support Level 3325

S&P 500, ES futures market, Friday forecast, January 24

Downtrend

The downtrend may be expected to continue, while the S&P 500 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 S&P 500 to reach support level 3312 - 3307.25.

Uptrend

An uptrend will start as soon, as the S&P 500 rises above resistance level 3337.5, which will be followed by moving up to resistance level 3350.5.

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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)
• Thursday: 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 the S&P 500 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 S&P 500 to reach resistance level 3354.

Downtrend

A downtrend will start as soon, as the S&P 500 drops below support level 3305, which will be followed by moving down to support level 3275.50 - 3263.25.

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Monthly forecast, January - February

Uptrend

The uptrend may be expected to continue, while the S&P 500 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 S&P 500 to reach resistance level 3312.

Downtrend

A downtrend will start as soon, as the S&P 500 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 S&P 500 to reach support level 3069.

(Click on image to enlarge)