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S&P E-mini downside risks within a range phase

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S&P E-mini downside risks within a range phase

A roll back lower through rebound supports at 2030.5 and 2020.5 after a cap ahead of 2067.25 last week leaves risk lower within the range towards 1984.5.

The prior rebound effort above resistance at 2048.25 produced a shift in our near term outlook to a range theme.

Range Parameters: We see the range defined by 2067.25 and 1984.25.

Range Breakout Challenge

  • Upside: Above 2067.25 aims higher for 2088.75 and 2100.0.
  • Downside: Below 1984.25 sees risk lower for 1980.75 and 1961.5.

For Today:

  • We see a downside bias for 2004.75; break here aims for 1997.0, maybe 1984.25.
  • But above 2048.25 opens risk up towards 2062.0. Above sees 2067.25, which we would look to cap.

Daily S&P 500 E-mini Future Chart

b2ap3_thumbnail_sp5001_20150113-070801_1.png

 

4 Hour S&P 500 E-mini Future Chart

 

b2ap3_thumbnail_sp5002_20150113-070803_1.png

 

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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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