Here below please find attached the analysis and forecast for the S&P500 e-mini futures for today September 6th, 2o13:
Price of the S&P500 bounced off the all the way half way back from June lows and participation from program trading entered the equity index long in the 1630 area. This new long setup that is being respected has targets in the 1.740 area.
These are the scenarios I could anticipate for the S&P500 going forward:
Scenario 1. Price continues higher into the 1730 to 1740 area of target that would satisfy both the long setups in place (on the weekly and daily timeframes). This looks like the most probable scenario at the moment.
Scenario 2. However, if price moves south to retest the 1630 area and breaks that level and the 1611 level, we could see price moving back again to the 1570 area. The probability of this scenario is small at the moment, but things could change at the next FOMC meeting.
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