S&P 500 Index Futures Forecast December 28, 2012, Technical Analysis

The S&P 500 futures fell a bit during the Thursday session as headlines continue to move the markets back and forth. The “fiscal cliff” talks continue to turn sour, and as a result the markets are struggling a bit with a direction as the Congress simply cannot come to some type of agreement.

We still see the 1400 level as being vital, and as long as we stay above that we think that this market cannot be sold. In fact, we think a bounce back to the 1440 level could be coming if we see supportive action in this general vicinity. It is not until the daily close below 1400 that we will start selling this market.