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S&P 500 Double Top Threat; Key Support Focus 1936.25

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S&P 500 Double Top Threat; Key Support Focus 1936.25

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

S&P 500

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

S&P 500

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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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