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S&P 500Future bull theme intact, despite dip

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S&P 500Future bull theme intact, despite dip

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.

For Today:

  • 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


S&P 500 E-mini Future Hour 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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