Steve Miley, MSTA
MarketChartist
S&P 500 bullish extension bias
A resilient pause at the end of last week and as expected, re-energizing of bullish pressures already this week having stated “this leaves threat for latter August to 1996.0 next and maybe the psychological/ option-related target at 2000.0!!”
Hesitancy at the 2000 level on Monday (through the cash market overcame this level), but the high level digestion above modest support at 1988.75 and better foundations at 1981.5/80.75 leaves upside through 2000 this week (today).
A break above aims for 2012.5 and maybe 2020 and 2027.25 targets.
WHAT CHANGES THIS?
- Below 1980.75 eases bull risks; through 1969.0 signals a neutral tone, only shifting negative below 1937.25.
2 Hour S&P 500 E-mini September 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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