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S&P 500 E-Mini Tops for Defensive Range Theme

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S&P 500 E-Mini Tops for Defensive Range Theme

S&P 500 risk skewed to support probes

  • A break below modest support at 1966/64.5 and the firmer impulse level at 1956.25, but the close below the 13-day EMA, which had held on a closing basis through June probes, sees a shift to a range theme into mid-July.

  • We see that range defined by the swing low, 1936.25 and 1978.25 record high.

  • Through midweek, the bias is lower, to supports at the trend line, currently 1952.0, then 1948.0 and 1942.75.


  • Downside: Below 1936.25 sees a more bearish shift to target 1929.5 and critical 1917.5 low.

  • Upside: Above 1978.25 aims through a Fibo extension levels at 1983 for another at 1996 just ahead of the psychological/ option barrier at 2000.0.

4 hour S&P 500 E-mini September Future Chart

S&P 50

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

S&P 50

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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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