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S&P 500 ($ES_F) Poised into #FOMC

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S&P 500 ($ES_F) Poised into #FOMC

An aggressive rebound, not expected, from just ahead of the June low at 2068.75, to close the weekly bear gap at 2089.75-90.25.

This leaves a neutral, poised tone within the broader range, into the FOMC.

The push last week below 2079.5 signaled a shift to a broader range theme, but our bias remains for a bearish shift (below 2057.0)

For Today: We see a neutral tone between 2099.0 and 2068.75 (with a negative bias)

Break above 2099.0 aims for 2109.0, maybe 2114.75, which we would look to try to cap.

Break below 2068.75 aims for key 2057.0, which we would look to try to hold.

Short/ Intermediate-term Range Parameters: We see the range defined by 2057.0 and 2120.75.

Range Breakout Challenge

Upside: Above 2120.75 aims higher for 2134.0 and 2150.0.

Downside: Below 2057.0 sees risk lower for 2038.0, 2030.25 and maybe even 2013.75.

If you want to see more, you can view the full S&P 500 E-mini report with screencasts, levels and day trade views - click here
And remember, for a FREE trial of our Equity Index Futures and all other reports sign up by clicking here

2 Hour S&P 500 E-mini Future Chart (June contract)


Daily S&P 500 E-mini Future Chart (June contract)  


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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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