The strong recovery rally through latter December negated the sell off into mid-December with a push to yet another new all time high.
Despite the turn of year dip, we see upside pressures intact whilst minimally above 2026.75/25.0 supports.
Short-term Outlook - Upside Risks:
- We still see a positive tone with the bullish threat to 2067.25 on the way back to the recent record peak at 2088.75.
- Above here aims through 2100 for Fibo extension targets 2109 and 2119.5.
What Changes This? Below 2037.5 eases bull risks; through 2025.0 signals a neutral tone, only shifting negative below 2004.5.
- We see an upside bias for 2055.75; break here aims for 2067.25, maybe closer to 2074.0.
- But below 2037.5 opens risk down to 2026.75/25.0.3, which we would look to try to hold.
Daily S&P 500 E-mini Future Chart
2 S&P 500 E-mini Future Hour Chart
To view the full report on line with screencasts, click here