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.
WHAT CHANGES THIS?
· 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: http://members.marketchartist.com/Daily/sp500.pdf
4 Hour S&P 500 E-mini December Future Chart
Daily S&P 500 Future Adjusted Continuation Chart