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S&P 500 Future Correction for 1989.0, Maybe 1983.25 (Which Should Hold)

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S&P 500 Future Correction for 1989.0, Maybe 1983.25 (Which Should Hold)

S&P 500 correction

·         An indecisive end to the week, another new recovery high maintains and reinforces the bullish breakout to leaves upside risks intact later this week and for latter September.

·         For Monday/ Tuesday, however, the setback Friday likely points to a further corrective dip, already through 1997.25, and 1993.5, for 1989.0, maybe 1983.25.

·         We would look for better support at the 1983.25 spike low to hold, however, for bullish pressures to resurface this week.

·         Looking forward, we still aim higher, for 2020.0 and maybe 2026.5 this week, maybe still higher for 2032.75 and even 2040.0 into late September.


·         Below 1997.25 eases bull risks; through 1983.25 signals a neutral tone, only shifting negative below 1968.0.

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




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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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