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S&P 500 Bigger Top and More Bearish Risk!

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S&P 500 Bigger Top and More Bearish Risk!

S&P 500 breaks 200-day MA and August low for further bear pressures

·         As we had expected and highlighted in our last report “a weekly close below the previously breached trend lines from June 2013 and November 2012 in the 1945/40 area”.

·         The Friday close below here reinforced the previous push down through 1918.0 to also remove chart support at 1915.5 and break the 1910.75 retrace level.

·         Already today a gap lower (1892.25-93.25) through the 200-day MA, 1889.0 and key 1882.5 Q3 low.

·         A day session push through here would indicate a still more notable top and threaten a deeper correction for 1843.75, 1839.25, 1828.75 and 1826.0 (the 61.8% retrace of the rally for 2014).


·         Above 1931.25 eases bear risks; through 1968.5 signals a neutral tone.

See full report with levels & latest screencast here:  

Weekly  S&P 500 E-mini Future Chart




Daily S&P 500 Future Adjusted Continuation Chart




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Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.

He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).

Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.

Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.



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