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S&P 500 Future Correction Leaves Risk for a Bear Shift (through 1968.0)

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S&P 500 Future Correction Leaves Risk for a Bear Shift (through 1968.0)

S&P 500 threat of a short-term top

·         We stated in our last report that “”the risk for Tuesday is now through this lower level, 1983.25, for a shift to a range theme, but with a negative bias”.

·         The firm push below 1983.25 has signalled a shift to a range theme, defined by 1968.0 and 1999.25.

·         The push already through next support at 1976/75 places risk next to 1968.0.

·         We still look for the key 1968.0 level to try hold to avoid a more bearish shift, but the mounting threat for latter September is through here.

·         Back above 1999.25 is needed for a more bullish tone to resume.

WHAT CHANGES THIS?

·         Downside: Below 1968.0 sees risk lower for 1964.0 and 1950.0/48.5.

·         Upside: Above 1999.25 aims higher for 2006.5 and 2014.5.

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_20140924-062820_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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