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S&P 500 Plunge for More Aggressive Bear Threat!

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S&P 500 Plunge for More Aggressive Bear Threat!

S&P 500 down trend acceleration points to still further bear pressures

·         We have remained bearish into mid-month and stated in recent client reports that “the downside threat through 1863.75 is to 1843.75, 1839.25, 1828.75 and 1826.0 (the 61.8% retrace of the rally for 2014)”.

·         The plunge through these supports sets a still more bearish threat for the 2nd half of the month, with downside risk now to the April spike low at 1788.0 and the 78.6% retrace of the 2014 rally, 1774.0.

·         For Thursday (maybe this week), we see bounce risk from bearish fatigue, to aim again for 1860/65, maybe 1873.5 (which we would look to try to cap).


·         Above 1873.5 eases bear risks; through 1892.75 signals a neutral tone and 1906.0 switches to bullish.

See full report with levels & latest screencast here:  


Daily S&P 500 Future Adjusted Continuation Chart



Weekly 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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