June 16, 2014
S&P 100 recently reached the buy target 860.00 that was set in our previous technical analysis report for this index. Due to the strength of the resistance zone surrounding this resistance level – strengthened by the upper resistance trendline of the daily up channel from last year – S&P 100 corrected sharply down after reaching 860.00.
The index can correct further down to the nearby support level 850.00 – from where the uptrend is likely to be resumed with the next buy target standing at 875.00 (forecast price for the completion of wave (3)).
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