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S&P 500 Future Bear Shift through 1968.0; Bias to 1950.0/48.5

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S&P 500 Future Bear Shift through 1968.0; Bias to 1950.0/48.5

S&P 500 short-term top and bearish switch

·         We stated in our last report to our clients that “we see bias for a roll back lower to the range, and for a retest to 1968.0. The mounting threat for latter September is through here.” The plunge lower from ahead of a firm barrier at 1999.25 leaves risk still lower having also surrendered the 38.2% retrace of the rally from August in the ADC chart at 1964.0.

·         This completes a more notable topping structure, favours a deeper correction and targets chart/ retrace support at 1950.0/48.5 into month-end (Friday?).

·         Overshoot threat is to the 100-day MA, currently 1944.5 and maybe the 61.8% retrace at 1933.0.

WHAT CHANGES THIS?

·         Above 1976/77 eases bear risks; through 1992.5 signals a neutral tone, only shifting positive above 1999.25.

See full report with levels & latest screencast here:  http://members.marketchartist.com/Daily/sp500.pdf  

 

4 Hour S&P 500 E-mini December Future Chart

 

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Daily S&P 500 Future Adjusted Continuation Chart

 

 

b2ap3_thumbnail_sp5002_20140926-061043_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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