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
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