Steve Miley, MSTA
MarketChartist
S&P 500 threat of a short-term top
We stated in our last report that “”the risk for Tuesday is now through this lower level, 1983.25, for a shift to a range theme, but with a negative bias”.
The firm push below 1983.25 has signalled a shift to a range theme, defined by 1968.0 and 1999.25.
The push already through next support at 1976/75 places risk next to 1968.0.
We still look for the key 1968.0 level to try hold to avoid a more bearish shift, but the mounting threat for latter September is through here.
Back above 1999.25 is needed for a more bullish tone to resume.
WHAT CHANGES THIS?
Downside: Below 1968.0 sees risk lower for 1964.0 and 1950.0/48.5.
Upside: Above 1999.25 aims higher for 2006.5 and 2014.5.
4 Hour S&P 500 E-mini December Future Chart
Daily S&P 500 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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