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SP500 E-mini ($ES_F) Pause before Bullish Extension through 1900.0

Posted by on in Equity Index Chart Updates
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S&P 500 bullish bias for 1900.0 target in late May


  • A better push through further flagged resistance at 1888.5/1890.0 to reinforce the rebound this week and prior rejection of a more neutral tone through 1854.5.

  • We see a resilient end to the week on Friday, but likely capped for now below the 1898.5 peak and 1900.0 option-related /psychological level and holding above 1882.75/ 80.25.

  • Looking into latter May, we still see a bullish extension bias, above 1900.0 for Fibo targets 1912.5 & 1926.0.


  • Below 1864.5 eases bull risks; through 1854.5 signals a neutral tone, only shifting negative below 1844.0.



4 hour SP500 E-mini Future




Daily SP500 E-mini Future (Adjusted Continuation 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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