Steve Miley, MSTA
MarketChartist
S&P 500 rebound effort favors a more bullish shift
A high level digestion Wednesday to reinforce the switch to a range theme with the previous push above 1867.5 that neutralized the April topping structure.
We still see a positive bias to a boarder non-trend theme, simply defined by the April continuation chart peak and trough at 1892.5 and 1803.25.
We still see the bias higher for a test to 1887.5 and maybe the 1892.5 peak this week for a more bullish shift.
WHAT CHANGES THIS?
Upside: Above 1892.5 aims for 1900.0 and Fibo targets at 1912.5 and 1926.0.
Downside: Below 1803.25 aims for the 10 month trend line at 1795.0.
Daily SP500 E-mini Future (Adjusted Continuation chart)
THERE IS SUBSTANTIAL RISK OF LOSS IN TRADING FUTURES, OPTIONS AND FX PRODUCTS. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE
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