Steve Miley, MSTA
MarketChartist
S&P 500 base and recovery trend aims still higher
A high level digestion through midweek of the surge through 1906.0 and next targets 1918.0 and 1931.25 to reinforce the shift back to a bullish tone this week.
This leaves bias still higher, whilst above even modest support at 1925/24.
We aim for targets at the swing highs at 1968.5/ 1971.0 late this week.
Overshoot threat is to 1978/79, maybe 1992.5 for latter October.
Initial support is now seen at 1920.0, with a firmer area at 1905/04.
WHAT CHANGES THIS?
- Below 1885.75 eases bull risks; through 1870.0 signals a neutral tone, only shifting negative below 1848.0.
4 Hour S&P 500 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
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