S&P 500 Index Futures Forecast December 10, 2012, Technical Analysis

S&P 500 futures had a slightly positive session on Friday after a better than expected jobs number came out of United States. However, we can see that the 1420 level has acted as resistance yet again, and the subsequent pullback formed a shooting star.

The shooting star suggests to us that we will return back to the 1400 level unless something happens in the fiscal cliff talks in the United States. With this in mind, we do see 1420 is a significant resistance barrier, but can say that the 1400 level is just as supportive. Because of this, we expect to go nowhere over the next week and then we have two very illiquid weeks in the month of December.