S&P 500 Daily Forecast Dec 09 2014

Outlook in S&P 500 index remains on the upside as long as support 2047 holds on a 4 daily closing basis , resistance comes at the 2075 levels , a halt is likely , but a break would open 2081 next , further upside will aim the 2086/2091 levels..

On the downside , support comes at the 2047 levels , losing this level will turn outlook neutral for retesting the 2057/2048 levels before the next rise…however ; losing the 2048 levels should weaken the current bullish run for retesting the 2035/2025 levels before the next move.

In all, as long as support 2065 holds on a 4 hour closing basis , outlook in S&P 500 index remains on the upside towards the 2075 levels ahead of the 2086/2091 levels, below the 2065 will bring a corrective pullback towards the 2057/2048 levels before the next rise.

In the medium term forecast , the pair is bullish as long as support 2016 holds on a weekly closing basis , but resistance comes at the 2071 levels , we might see hesitation or rebound before resuming the uptrend , a clear break above the 2071 levels will open 2140 ahead of 2220 !