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S&P 500 Hits Our 1950.0/48.5 Targets; Aim Reset for 1915.5/10.75

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S&P 500 Hits Our 1950.0/48.5 Targets; Aim Reset for 1915.5/10.75

S&P 500 bearish risks

·         We have stated in recent reports that given the bearish shift “a notable topping structure still favours a deeper correction for early October to target chart/ retrace/ 100-day MA, support at 1950.0/48.5/47.5 next”.

·         The plunge back from modest resistance at 1979.25 through these supports has already seen an approach to our next flagged target, the 61.8% retrace at 1933.0.

·         We now see risk through here ant the 1929.5 spike low, for chart/ retrace support at 1915.5/10.75.

·         Overshoot threat is to the 1882.5 key August low.


·         Above 1967.0 eases bear risks; through 1979.25 signals a neutral tone, only shifting positive above 1992.5.

See full report with levels & latest screencast here:  


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



Daily S&P 500 Future Adjusted Continuation 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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