Steve Miley, MSTA
MarketChartist
S&P 500 correction
An indecisive end to the week, another new recovery high maintains and reinforces the bullish breakout to leaves upside risks intact later this week and for latter September.
For Monday/Tuesday, however, the setback Friday likely points to a further corrective dip, already through 1997.25, and 1993.5, for 1989.0, maybe 1983.25.
We would look for better support at the 1983.25 spike low to hold, however, for bullish pressures to resurface this week.
Looking forward, we still aim higher, for 2020.0 and maybe 2026.5 this week, maybe still higher for 2032.75 and even 2040.0 into late September.
WHAT CHANGES THIS?
- Below 1997.25 eases bull risks; through 1983.25 signals a neutral tone, only shifting negative below 1968.0.
4 Hour S&P 500 E-mini December Future Chart
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