S&P 500 bullish extension bias
· A resilient pause at the end of last week and as expected, re-energizing of bullish pressures already this week having stated “this leaves threat for latter August to 1996.0 next and maybe the psychological/ option-related target at 2000.0!!”
· Hesitancy at the 2000 level on Monday (through the cash market overcame this level), but the high level digestion above modest support at 1988.75 and better foundations at 1981.5/80.75 leaves upside through 2000 this week (today).
· A break above aims for 2012.5 and maybe 2020 and 2027.25 targets
WHAT CHANGES THIS?
· Below 1980.75 eases bull risks; through 1969.0 signals a neutral tone, only shifting negative below 1937.25.
See full report with levels & latest screencast here: http://members.marketchartist.com/Daily/sp500.pdf
2 Hour S&P 500 E-mini September Future Chart