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S&P 500 E-Mini ($ES_F) Future Poised into #FOMC

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S&P 500 E-Mini ($ES_F) Future Poised into #FOMC

A break Tuesday below 2025.5 signals a negative bias after the Friday setback from a prod at the key 2062.0 barrier to avoid a shift to a more bullish tone.

The significant rally Thursday (driven higher by European Equity Indices) to overcome the topping line from late December and spike high at 2051.75 saw a shift to a neutral range theme.

Range Parameters: We see the range defined by 2062.5 and 1997.5.

Range Breakout Challenge

  • Upside: Above 2062.5 aims higher for 2067.25 and ultimately back to the record high at 2088.75.
  • Downside: Below 1997.5 sees risk lower for 1970.25 and 1961.5.

 For Today: A digestion theme expected pre-FOMC

  • Narrow range parameters seen at 2013.25 to 2055.0
  • Broader parameters at 2005.25 to 2062.5.
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Daily S&P 500 E-mini Future Chart


4 Hour S&P 500 E-mini Future Chart


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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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