S&P 500 bull extension bias
· A high level digestion Monday of the strong bounce from just ahead of 1987.5 support, that has avoided risk of a neutral shift whilst minimally above better foundations 1981.5/80.75.
· This leaves a still firm digestion tone and leaves upside pressures intact into this week and through mid-month.
· We still see mid-September threat as higher, likely through midweek, back to challenge the recent peaks at 2010/11 and for an extension rally for 2020 and 2027.5 targets through mid-month.
WHAT CHANGES THIS?
· Below 1987.5 eases bull risks; through 1981.5/80.75 signals a neutral tone, only shifting negative below 1937.25.
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4 Hour S&P 500 E-mini September Future Chart