TECHNICAL UPDATE: S&P FUTURES SUPPORT AND RESISTANCE

The S&P futures drifted lower this week in an ongoing alleviation of the overbought condition that had developed on their price chart recently. The outlook for the “minis” continues to be bullish – with technicians' upside targets remaining up at 2057 – 2058. Support for the minis now appears to be set down at 1972.75 – 1974. Buying should be occurring if and when the minis drift down to 1974. Watch for stop-loss selling if a close occurs below 1972.75. Technicians say that prudent sellers will be waiting until the minis make their way up to the projected target at 2057. In that case, watch for stop-loss buying-to-cover on any close above 2060. Technicians say the downside target from that short entry will be 1929 – 1932.