CFDsPros S&P 500 Outlook

[CfdPros]

S&P 500 Outlook - Signals Mixed Amid Market Indecision

The following is the outlook for the S&P 500 heading into next week, March
1-5.

The way the market is right now is what I talk about in this week's
newsletter. Movements have been somewhat erratic, unless a trader is very
skilled they can easily get whipsawed in this market. We had the decline in
late January and early February, now we have rallied back and sit basically
in the center of that former decline. What is interesting and what makes
the short-term outlook uncertain is that we have exceed the 1104 - 1105
brief rally high on February2. Tuesday, Wednesday and Friday last week we
moved through that point everyday. Thursday had its own interesting action
needless to say.

So we sit at a point where short-term probabilities are about equal for
moving up or down. Luckily there is no need to predict anything to make
money. Rather we let the market lead by only stepping in in force when the
market has given us reason to believe there is a higher probability it will
move a certain direction.

1115 is resistance on the upside. A break above indicates strength and with
little resistance until 1130-1132 our target is 1130. A drop back below
1115 before a target is hit shows some indecision and that the choppy
trading is likely to continue. Beyond 1132 resistance is at 1150.

The weekly average range for the S&P stands at about 31 points. The range
that is covered this week will fall short or be greater than this average
number, but it does give us an indication of what kind of levels are likely
to be within (or outside) target range in the upcoming week.

Thursday's low at 1086 is a level to watch, a drop below that bearish and
will likely reach support at 1080. Below 1080 we have a collection of days
which ranged between 1080-1060 so this is another areas which could get
choppy unless we have a swift move through it. Further support comes in at
1056 and 1045.

Since Feb. 5 we have a short-term uptrend.

Have a great trading week,

Cory Mitchell, CMT
Vantage Point Trading

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Analysis written by Cory Mitchell for

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