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S&P 500 ($ES_F) Poised for a Bull Shift Above 2089.25

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S&P 500 ($ES_F) Poised for a Bull Shift Above 2089.25

A dip and bounce, another resilient consolidation above 2064.5 after the rally this week from ahead of the key 1233/30 support area, to nudge above 2081.75.

We now see a positive tone to the broader range theme and risk of a bullish shift above 2089.25.

For Today:

We see an upside bias for the key 2089.25 impulse point. Break above targets 2101.0, maybe even the 2107.0 March high.

But below 2064.5 opens risk down through 2057/55 for 2047.0, which we would look to try to hold.

Short/ Intermediate-term Range Parameters: We see the range defined by 2089.25 and 2030.25.

Range Breakout Challenge

Upside: Above 2089.25 aims higher for 2107.0/09.75/10.25 peaks, then 2122.5 and 2137.25 Fibo extension levels.

Downside: Below 2030.25 sees risk lower for 2021.75, 2013.25 and 1999.5/97.0.

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)


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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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