S&P 500 risk skewed for a more bearish shift
Extremely whipsaw price action Thursday resolved to the downside with a plunge through 1958.75 and 1953.0 rebound supports and more notably to even probe the 1945.25/42.75 support props.
This after the prior setback from the all-time high at 1978.25, leaves a negative bias to the range environment.
We still see the near term range defined by the swing low, 1936.25 and 1978.25 record high, but with mounting risk for a better top through this low.
WHAT CHANGES THIS?
Downside: Below 1936.25 sees a bear shift to target 1929.5 and critical 1917.5.
Upside: Above 1978.25 aims through a Fibo extension level at 1983 for another at 1996 ahead of psychological 2000.0.
4 hour S&P 500 E-mini September Future Chart
Daily S&P 500 E-mini Future Adjusted Continuation Chart