S&P 500 Bounce (FOR NOW) from Key Long-Term Trend Lines at 1897/94
S&P 500 consolidation likely before another bearish extension
· A bullish outside pattern on Friday after a bearish outside Thursday, but only after a better push through the 100-day MA, 1900.0 psychological/ option support, to also probe critical trend lines from Nov 2012 and June 2013, at 1897/94 this week.
· The rebound effort likely points to a digestion theme early this week, capped below 1937.5, but holding above 1911/10 and better prop at 1903.75.
· However into mid-August, the bias is back lower, to aim through 1897/94 and 1891.0/90.25 to target 1968.0 ahead of the 200-day MA, now at 1850.5
WHAT CHANGES THIS?
· Above 1923.5/25.75 eases bear risks; through 1937.5 signals a neutral tone, only shifting positive above 1979.5.
See full report with levels & latest screencast here: http://members.marketchartist.com/Daily/sp500.pdf
Weekly S&P 500 E-mini Future Chart
Daily S&P 500 E-mini Future Adjusted Continuation Chart
2 Hour S&P 500 E-mini September Future Chart