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S&P 500 Bounce (FOR NOW) from Key Long-Term Trend Lines at 1897/94

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S&P 500 Bounce (FOR NOW) from Key Long-Term Trend Lines at 1897/94

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

b2ap3_thumbnail_sp5001_20140811-060532_1.png

Daily S&P 500 E-mini Future Adjusted Continuation Chart

b2ap3_thumbnail_sp5003_20140811-060537_1.png

 

 

2 Hour S&P 500 E-mini September Future Chart

b2ap3_thumbnail_sp5002_20140811-060535_1.png

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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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