S&P 500 Trading Outlook: 2677 Important
After breaking through initial resistance at 2660, S&P 500 futures are testing a key price resistance level.
While market cycles indicate a likely turning point between April 27 to May 1, a move above 2677.50 (yesterday’s highs) would likely carry prices up to 2688 before stalling.
For the bearish case to get going (and confirm a “turn”), I would need to see prices break 2665 initially.
S&P 500 Futures Trading Chart – April 27
The bounce getting above 2660 was a minor positive but traders are now wrestling with the 2675-77 price area while having pushed up into a key time for time change. The next couple days will be telling as to whether a reversal comes right away or whether prices can push up into next week before peaking. Yet, make no mistake, market breadth has shown little to no upward thrust.
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Author has positions in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
