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S&P 500 Top Targets Key Long-Term Trend Line Supports at 1991/88!

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S&P 500 Top Targets Key Long-Term Trend Line Supports at 1991/88!

S&P 500 bearish shift and extension threat

·         We stated last week in our client reports that the Thursday break below the 1942.5 swing low completed a notable top/ bearish shift and leaves risk into early August lower.

·         Moreover, we stated in our last report that “the risk is now to a key confluence of chart/ trend line/ retrace supports at 1917.5/16.0/13.25”.

·         The Friday probe here leaves risk still lower this week to a minor prop at 1906.25 ahead of the 100-DMA and psychological/option support 1902.5/00.

·         Critical this week through will be the confluence of trend lines from June 2013 and Nov 2012 at 1891/88, with a break signalling a more bearish shift.


·         Above 1936.0 eases bear risks; through 1956.5 signals a neutral tone, only shifting positive above 1979.5.

See full report with levels & latest screencast here:


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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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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