S&P 500 negative tone
· A negative shift on Friday, having previously defended support on the Dec contract at 1973.5/73.0 (1981.5/80.75 on Sep contract), the push through here has signalled a move to a range theme, with a downside bias to start the week.
· Alongside the setback from the topping line resistance (1989.5), we see bias lower for retrace/ chart targets at 1966.0/65.5 next and maybe lower for 1961.5 and 1957.5/57.0.
· We see the broader range now defined by 1998.0 and 1957.0
WHAT CHANGES THIS?
· Downside: Below 1957.0 sees risk lower for 1942.75 and 1932.0.
· Upside: Above 1998.0 aims higher for 2002.75/03.25 and above to 2011.0.
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4 Hour S&P 500 E-mini December Future Chart
Daily S&P 500 E-mini Future Adjusted Continuation Chart