In the latest issue of The Trend Letter, we identified the following Key Target areas for the S&P 500. On a timing basis, this next week, starting today, should see the next short-term trend.
The futures pointed to a lower opening, which fits our model’s forecast for slide over the next week. Here are the numbers to watch:
Near-term Resistance = 2697 (outside weekly target of 2740)
Key Resistance = 2873
Immediate Support = 2585 (Note: this is the 150-DMA)
Near-term Support = 2535
Key Support = 2473
Today we expect to see some volatility, so watch for initial weakness, based on the inflation data, then a potential spike up to 2697 (weekly close potential up to 2740), then another slide over the next week, targeting 2535, then the Key Support at 2473 by February 20th.