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S&P 500 ($ES_F) Bull Theme; Aims Through 2119.75 Record High

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S&P 500 ($ES_F) Bull Theme; Aims Through 2119.75 Record High

A solid rebound to end and now start the week to probe above 2099/2102 and also 2115.5 resistances, which has re-energized bull risks.

The rebound from the trend line from early April (2076.5) and ahead of key support at 2064.5 leaves upside pressures for May.

For Today:

We see an upside bias for 2119.75, the record high.; break here aims through 2122.5 for 2130.75. 

But below 2098.0 opens risk down to 2087.5, maybe 2080.5, which we would look to try to hold.

Short/ Intermediate-term Outlook - Upside Risks:

We see a positive May tone with the bullish threat to the new record high at 2119.75.

Above here aims for Fibo targets 2122.5 and 2137.25 and maybe the option level at 2150.0.

What Changes This? Below 2064.5 eases bull risks; through 2038.0 signals a neutral tone, only shifting negative below 2030.25.

Momentum: The 8-day RSI, short-term momentum is far from OB, and we still see scope to go higher this week.


 

If you want to see more, you can view the full S&P 500 E-mini report with screencasts, levels and day trade views - click here
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2 Hour S&P 500 E-mini Future Chart (June contract)

b2ap3_thumbnail_sp2_20150505-060718_1.png

Daily S&P 500 E-mini Future Chart (June contract)  

b2ap3_thumbnail_sp1_20150505-060716_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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