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S&P 500 E-mini Bigger Top Threat through 1961.5

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S&P 500 E-mini Bigger Top Threat through 1961.5

The Thursday bounce effort capped by significantly ahead of firm resistance at the topping line (2045.0) and 2051.75.

This alongside the cap last week ahead of 2067.25 and the midweek break below the prior 2015 low at 1984.25 leaves risk lower having signaled a more significant topping structure and a more bearish theme into January.

Short-term Outlook - Downside Risks

  • We now see a more negative tone with the bearish threat to 1961.5.
  • Below here sets a still more notable and larger top and targets 1952.5/47.5 and maybe down to 1914/13.25 into latter January.

What Changes This? Above 2019.5 eases bear risks; through 2051.75 signals a neutral tone, only shifting positive above 2062.0. 

Momentum: The 8-day RSI, short-term momentum is falling and has scope to go still lower this week.

For Today:

  • We see a downside bias for 1968.25 ; break here aims for 1961.5 and as low as 1952.5/47.5.
  • But above 2000.0 targets 2016.0 and opens risk up to 2027.5, which we would look to cap. Break targets 2045.0.

To view this morning's full S&P 500 report with screencasts, click here

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Daily S&P 500 E-mini Future Chart


4 Hour S&P 500 E-mini Future Chartb2ap3_thumbnail_sp5002_20150116-073807_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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Holiday and cessation of service: 7th-23rd August 2017

Hi Market Chartist Users and Trialists, The Market Chartist reports will be paused for just over 2 weeks, whilst we take a vacation.

The last report will be on Friday 4th August, with service resuming on Thursday 24th August.We wish you successful trading in our absence