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S&P 500 ($ES_F) Bull Trend Re-Energized

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S&P 500 ($ES_F) Bull Trend Re-Energized

A modest dip lower and a surge higher Thursday, similar price action as Wednesday from ahead of 2078.5 support, but now through barriers at 2105.5/07.0 and the record high at 2109.75.

This leaves upside risks intact after the previous deeper correction last Friday held key support at 2064.5.

For Today:

We see an upside bias for 2116.0; break here aims for 2122.5, maybe 2129.25, which we would look to try to cap.

But below 2097.75 opens risk down to 2087.5, which we would look to try to hold.

Short/ Intermediate-term Outlook - Upside Risks:

We see a more positive April tone with the bullish threat to 2107.0 and the record high at 2109.75.

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
And remember, for a FREE trial of our Equity Index Futures and all other reports sign up by clicking here

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


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


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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

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