Steve Miley, MSTA
MarketChartist
S&P 500 recovery trend intact
A dip and strong rebound from just below support at 1962/61 (from 1959.25) to maintain upside pressures with a bullish outside Thursday pattern.
Having hit our targets at the swing highs/ retrace at 1968.5/ 1971.0 and highs in the 1978/79 we stated that “we see risk still higher this week maybe for 1992.5 in late October”.
The push already through here and 2000 aims higher today and into early November for a retest of the 2014.5 cycle high.
Above sees extension targets at 2020.0, 2028.5 and 2035.25
WHAT CHANGES THIS?
- Below 1959.25 eases bull risks; through 1944.5 signals a neutral tone, only shifting negative below 1922/20.
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
Recommended Content
Editors’ Picks
AUD/USD keeps the red below 0.6400 as Middle East war fears mount
AUD/USD is keeping heavy losses below 0.6400, as risk-aversion persists following the news that Israel retaliated with missile strikes on a site in Iran. Fears of the Israel-Iran strife translating into a wider regional conflict are weighing on the higher-yielding Aussie Dollar.
USD/JPY recovers above 154.00 despite Israel-Iran escalation
USD/JPY is recovering ground above 154.00 after falling hard on confirmation of reports of an Israeli missile strike on Iran, implying that an open conflict is underway and could only spread into a wider Middle East war. Safe-haven Japanese Yen jumped, helped by BoJ Governor Ueda's comments.
Gold price pares gains below $2,400, geopolitical risks lend support
Gold price is paring gains to trade back below $2,400 early Friday, Iran's downplaying of Israel's attack has paused the Gold price rally but the upside remains supported amid mounting fears over a potential wider Middle East regional conflict.
WTI surges to $85.00 amid Israel-Iran tensions
Western Texas Intermediate, the US crude oil benchmark, is trading around $85.00 on Friday. The black gold gains traction on the day amid the escalating tension between Israel and Iran after a US official confirmed that Israeli missiles had hit a site in Iran.
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu, WIF token’s show of strength was not just influenced by Bitcoin price reclaiming above $63,000.