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.
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Daily SP500 E-mini Future (Adjusted Continuation Chart)
4 Hour SP500 E-mini Future Chart