Steve Miley, MSTA
MarketChartist
S&P 500 correction
An indecisive end to the week, another new recovery high maintains and reinforces the bullish breakout to leaves upside risks intact later this week and for latter September.
For Monday/Tuesday, however, the setback Friday likely points to a further corrective dip, already through 1997.25, and 1993.5, for 1989.0, maybe 1983.25.
We would look for better support at the 1983.25 spike low to hold, however, for bullish pressures to resurface this week.
Looking forward, we still aim higher, for 2020.0 and maybe 2026.5 this week, maybe still higher for 2032.75 and even 2040.0 into late September.
WHAT CHANGES THIS?
- Below 1997.25 eases bull risks; through 1983.25 signals a neutral tone, only shifting negative below 1968.0.
4 Hour S&P 500 E-mini December 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 rises toward 1.0700 after Germany and EU PMI data
EUR/USD gains traction and rises toward 1.0700 in the European session on Monday. HCOB Composite PMI data from Germany and the Eurozone came in better than expected, providing a boost to the Euro. Focus shifts US PMI readings.
GBP/USD holds above 1.2350 after UK PMIs
GBP/USD clings to modest daily gains above 1.2350 in the European session on Tuesday. The data from the UK showed that the private sector continued to grow at an accelerating pace in April, helping Pound Sterling gather strength.
Gold price flirts with $2,300 amid receding safe-haven demand, reduced Fed rate cut bets
Gold price (XAU/USD) remains under heavy selling pressure for the second straight day on Tuesday and languishes near its lowest level in over two weeks, around the $2,300 mark heading into the European session.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
US S&P Global PMIs Preview: Economic expansion set to keep momentum in April
S&P Global Manufacturing PMI and Services PMI are both expected to come in at 52 in April’s flash estimate, highlighting an ongoing expansion in the private sector’s economic activity.