Key short-term targets for the S&P 500

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.

Stay tuned!