Steve Miley, MSTA
MarketChartist
S&P 500 completed top intact to leave bearish risks
An erratic Monday session, but a lower low and lower high reinforces negative pressures from the Thursday plunge from ahead of a firm barrier at 1999.25 through 1968.0 and the 38.2% retrace of the rally from August in the ADC chart at 1964.0.
This activity completed a more notable topping structure, and still favours a deeper correction through month-end and targets chart/ retrace support at 1950.0/48.5 next
Overshoot threat is to the 100-day MA, currently 1946.25 and maybe the 61.8% retrace at 1933.0.
WHAT CHANGES THIS?
- Above 1979.25 eases bear risks; through 1992.5 signals a neutral tone, only shifting positive above 1999.25.
4 Hour S&P 500 E-mini December Future Chart
Daily S&P 500 Future Adjusted Continuation Chart
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