S&P 500 Breaks 100-day MA; Eyes Key Long-Term Trend Lines at 1891/88!
S&P 500 bearish extension bias
· A bearish outside pattern on Thursday and a better push through the 100-day MA (now at 1905.75).
· The overnight break still lower through the psychological/ option support at 1900.0 has reinforced the prior surrender of key chart/ trend line/ retrace supports at 1917.5/16.0/13.25
· Critical, however, remain the trend lines from June 2013 and Nov 2012, clustered at 1891/88; below which would see a still more bearish tone.
· This would next aim for a further retrace at 1868.0, then the 200-day MA, currently 1850.5.
· WHAT CHANGES THIS?
· Above 1923.5/25.75 eases bear risks; through 1937.5 signals a neutral tone, only shifting positive above 1979.5.
See full report with levels & latest screencast here: http://members.marketchartist.com/Daily/sp500.pdf
Weekly S&P 500 E-mini Future Chart
Daily S&P 500 E-mini Future Adjusted Continuation Chart