Steve Miley, MSTA
MarketChartist
S&P 500 bearish risks
We have stated in recent reports that given the bearish shift “a notable topping structure still favours a deeper correction for early October to target chart/ retrace/ 100-day MA, support at 1950.0/48.5/47.5 next”.
The plunge back from modest resistance at 1979.25 through these supports has already seen an approach to our next flagged target, the 61.8% retrace at 1933.0.
We now see risk through here ant the 1929.5 spike low, for chart/ retrace support at 1915.5/10.75.
Overshoot threat is to the 1882.5 key August low.
WHAT CHANGES THIS?
- Above 1967.0 eases bear risks; through 1979.25 signals a neutral tone, only shifting positive above 1992.5.
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
Recommended Content
Editors’ Picks
EUR/USD holds gains near 1.0650 amid risk reset
EUR/USD is holding onto its recovery mode near 1.0650 in European trading on Friday. A recovery in risk sentiment is helping the pair, as the safe-haven US Dollar pares gains. Earlier today, reports of an Israeli strike inside Iran spooked markets.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD is rebounding toward 1.2450 in early Europe on Friday, having tested 1.2400 after the UK Retail Sales volumes stagnated again in March, The pair recovers in tandem with risk sentiment, as traders take account of the likely Israel's missile strikes on Iran.
Gold price defends gains below $2,400 as geopolitical risks linger
Gold price is trading below $2,400 in European trading on Friday, holding its retreat from a fresh five-day high of $2,418. Despite the pullback, Gold price remains on track to book the fifth weekly gain in a row, supported by lingering Middle East geopolitical risks.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Geopolitics once again take centre stage, as UK Retail Sales wither
Nearly a week to the day when Iran sent drones and missiles into Israel, Israel has retaliated and sent a missile into Iran. The initial reports caused a large uptick in the oil price.