The S&P 500 rallied during trading on Wednesday, reaching towards the 2600 level. This is an area that I have marked as potential resistance due to the fact that it was massive support in the past. I think signs of exhaustion will be sold though, and I also recognize that the 50 day EMA is just above. It’s very likely that we could turn around there, if the market doesn’t get what it wants. What the market wants is some type of dynamite deal between the Americans and the Chinese, to be announced during the trading session. I believe that the next major move is setting up for the S&P 500 during the session today, because we now have a Federal Reserve that looks a bit more dovish or at least relaxed after the meeting minutes were released on Wednesday. Be very cautious but await the daily close before putting money to work. As things stand right now, there is still significant resistance to be overcome.
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S&P 500 and NASDAQ 100 Forecast January 10, 2018