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S&P 500 E-Mini Whipsaw Range Theme Likely, 1935.75/33.75 – 1954.0

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S&P 500 E-Mini Whipsaw Range Theme Likely, 1935.75/33.75 – 1954.0

S&P 500 erratic range tone, but bull theme intact above 1929.5

  • A second successive session comprising a very erratic tone on Thursday after a significant bearish outside pattern Tuesday, back from a new all-time high (1960.0), again rebounding from just ahead of the retracements at 1935.75/33.75 and the key swing low at 1929.5.

  • We still see a very indecisive range them late this week, holding above this lower level, but likely capped below 1960.0 and maybe ahead at 1954.0.

  • Bigger picture, whilst holding 1929.5, we still see risk above 1960 and into early July for a move higher for Fibo targets 1963 and maybe 1983.


  • Below 1933.75 eases bull risks; through 1929.25 signals a neutral tone, only shifting negative below 1917.5

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


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