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S&P 500 Bounce Looks for Cap at 1971.0; Bear Topping Threat INTACT

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S&P 500 Bounce Looks for Cap at 1971.0; Bear Topping Threat INTACT

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.


·         Through 1971.0 signals a neutral tone, only shifting positive above 1979.25.

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Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.

He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).

Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.

Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.



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