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S&P 500 Breaks 100-day MA; Eyes Key Long-Term Trend Lines at 1891/88!

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S&P 500 Breaks 100-day MA; Eyes Key Long-Term Trend Lines at 1891/88!

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

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Daily S&P 500 E-mini Future Adjusted Continuation Chart

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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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