Steve Miley is - The Market Chartist

Financial Market Technical Chart Blogs from Steve Miley - The Market Chartist

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Tags
    Tags Displays a list of tags that have been used in the blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Team Blogs
    Team Blogs Find your favorite team blogs here.
  • Login
    Login Login form

S&P 500 retains bear bias, despite European Equity rallies

Posted by on in Equity Index Chart Updates
  • Font size: Larger Smaller
  • Hits: 1134
  • 0 Comments
  • Print
S&P 500 retains bear bias, despite European Equity rallies

A surge higher Tuesday to reinforce our bull view after cautious digestion activity to start the week, which held above the trend line support, now 1.1965 to provide a strong base.

This has reinforced the prior break through a key impulse low from 2009 at 1.1981 and the psychological/ option target at 1.2000 and the previous surge above the 61.8% retrace of the entire 2009-11 sell off at 1.1655 and a key weekly failure peak from 2009 at 1.1727.

The strong rebound, rally and extension leaves risk for a further bullish extension into the 2nd half of January.

Short-term Outlook - Upside Risks

  • We see upside risk for January is to the 78.6% retrace of the entire 2009-11 sell off at 1.2280.
  • Above sees threat to a key weekly peak from 2009 at 1.2507.

Momentum: The 8-day RSI, short-term momentum is corrected from OB, to see scope to go higher this week. 

What Changes This? Below 1.1792 eases bull risks; through 1.1730 signals a neutral tone, quickly shifting negative below 1.1560.  

For Today:

  • Above 1.2116 sees an upside bias for 1.2145; break here aims for 1.2190.
  • But below 1.2050/40, aims for 1.2000 and maybe trend line support (1.1965).

 

Remember, for a FREE trial of our Equity Index Future and all other reports sign up by clicking here

And to view the full S&P 500 report with screencasts, click here

Daily S&P 500 E-mini Future Chart

b2ap3_thumbnail_sp5001_20150121-063908_1.png

4 Hour S&P 500 E-mini Future Chart

b2ap3_thumbnail_sp5002_20150121-063912_1.png

Last modified on
Rate this blog entry:
0

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.

Comments

Affiliates

  • affiliatelogos.png

    affiliatelogos.png

    http://www.marketchartist.com/images/ju_cached_images/affiliatelogos_0dd0698129febe7a7f50dd2279878ab6_90x50.resized.png

Clients

  • users1.png
    http://www.marketchartist.com/images/ju_cached_images/users1_00e523e7fd03fae1d0fb6c1d94bca6bd_90x50.resized.png
  • users2.png
    http://www.marketchartist.com/images/ju_cached_images/users2_e7bcf72e027318698507bc6d5c761f46_90x50.resized.png
  • users3.png
    http://www.marketchartist.com/images/ju_cached_images/users3_9afdb4dd4719675b88b5a560258e415d_90x50.resized.png
  • users4.png
    http://www.marketchartist.com/images/ju_cached_images/users4_979d06a8228e7e19e3d1617d94264ddb_90x50.resized.png

IMPORTANT NOTES

Holiday and cessation of service: 7th-23rd August 2017

Hi Market Chartist Users and Trialists, The Market Chartist reports will be paused for just over 2 weeks, whilst we take a vacation.

The last report will be on Friday 4th August, with service resuming on Thursday 24th August.We wish you successful trading in our absence