Steve Miley, MSTA
MarketChartist
S&P 500 bullish extension bias
A resilient pause at the end of last week and as expected, re-energizing of bullish pressures already this week having stated “this leaves threat for latter August to 1996.0 next and maybe the psychological/ option-related target at 2000.0!!”
Hesitancy at the 2000 level on Monday (through the cash market overcame this level), but the high level digestion above modest support at 1988.75 and better foundations at 1981.5/80.75 leaves upside through 2000 this week (today).
A break above aims for 2012.5 and maybe 2020 and 2027.25 targets.
WHAT CHANGES THIS?
- Below 1980.75 eases bull risks; through 1969.0 signals a neutral tone, only shifting negative below 1937.25.
2 Hour S&P 500 E-mini September Future 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
Recommended Content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.