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SP500 E-mini ($ES_F) mounting threat of a corrective setback

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SP500 E-mini ($ES_F) mounting threat of a corrective setback

S&P 500 June bull theme intact; but immediate risk of a correction lower

·         A more notable setback, for a push below the tentative trend line from mid-May, indicating risk of a deeper setback, reflecting fading bullish momentum (see the 8-day RSI).

·         This leaves risk still lower, through modest support at 1936.75, to test the shallower trend line at 1925.0, with better chart props at 1921.0 and 1916.0

·         Whilst above these lower props, we see bullish pressures intact and favour a mid-June rebound to the setback range.

·         Bigger picture, we still see risk to Fibo targets at 1970.0 and 1978.0, then see little to 1996.0 and critical psychological/ option barrier 2000.0!!

WHAT CHANGES THIS?

·         Below 1921.0 eases bull risks; through 1916.0 signals a neutral tone, only shifting negative below 1913.75.

See full report with levels & latest screencast here: http://members.marketchartist.com/Daily/sp500.pdf

 

 

Daily SP500 E-mini Future (Adjusted Continuation Chart)

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4 Hour SP500 E-mini Future 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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