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S&P 500 Resilient Digestion Aims Higher for 1968/71 Targets This Week

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S&P 500 Resilient Digestion Aims Higher for 1968/71 Targets This Week

S&P 500 base and recovery trend aims still higher

·         A high level digestion through midweek of the surge through 1906.0 and next targets 1918.0 and 1931.25 to reinforce the shift back to a bullish tone this week.

·         This leaves bias still higher, whilst above even modest support at 1925/24.

·         We aim for targets at the swing highs at 1968.5/ 1971.0 late this week.

·         Overshoot threat is to 1978/79, maybe 1992.5 for latter October.

·         Initial support is now seen at 1920.0, with a firmer area at 1905/04.


·         Below 1885.75 eases bull risks; through 1870.0 signals a neutral tone, only shifting negative below 1848.0.

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4 Hour S&P 500 December Future 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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