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S&P 500 Resilient, Aims through 2020.0 for 2028.5 and 2035.25 Fibo Targets

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S&P 500 Resilient, Aims through 2020.0 for 2028.5 and 2035.25 Fibo Targets

S&P 500 recovery trend intact

·         A probe higher to start the week, close to our next Fibo extension target at 2020.0 to reinforce upside pressures from the bullish outside Thursday pattern and the aggressive Friday surge.

·         Another new cycle and all time high leaves a very bullish tone with the 8-day RSI confirming the new high with momentum scope to go still higher this week.

·         Above 2020.0 sees further extension targets at 2028.5 and 2035.25

·         We still see solid support at 1989.75 with a modest level holding ahead of here at 2002.25.

WHAT CHANGES THIS?

·         Below 1989.75 eases bull risks; through 1959.25 signals a neutral tone, only shifting negative below 1944.5.

See full report with levels & latest screencast here:  http://members.marketchartist.com/Daily/sp500.pdf  

4 Hour S&P 500 December Future Chart

 

b2ap3_thumbnail_sp5001_20141104-071025_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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