S&P 500, ES futures market

Wednesday forecast, January 29

Uptrend

The uptrend may be expected to continue in case the market rises above resistance level 3292, which will be followed by reaching resistance level 33.01.

Downtrend

A downtrend will start as soon, as the S&P 500 drops below support level 3281.25, which will be followed by moving down to support level 3273 and then 3263.75.

(Click on image to enlarge)

Weekly forecast, January 27 - 31

Most important news of this week

• Monday: 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 the S&P 500 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 S&P 500 pair to reach support level 3161.

Uptrend

A downtrend will start as soon, as the S&P 500 pair drops below support level 3261.75, which will be followed by moving down to support level 3291 - 3301.25.

(Click on image to enlarge)

Monthly forecast, January - February

Uptrend

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

Downtrend

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

(Click on image to enlarge)