S&P 500 bearish risks intact, despite post-Fed rebound
· Despite a strong bounce effort late Wednesday, the prod below the 1918.25 spike low has reinforced negative pressures from the setback from ahead of 1979.25.
· We look for upside to be capped by 1971.0.
· Moreover, given the previous bearish plunge through key retrace and 100-day MA support, we see the bias down through 1918.0 to quickly aim for chart/ retrace support at 1915.5/10.75.
· Into mid-month, the threat is still lower, for the 200-day MA, 1888.5 and key 1882.5 Q3 low.
WHAT CHANGES THIS?
· Through 1971.0 signals a neutral tone, only shifting positive above 1979.25.
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4 Hour S&P 500 E-mini December Future Chart
Daily S&P 500 Future Adjusted Continuation Chart