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S&P 500 ($ES_F) Rebound Bias, but Bear Theme

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S&P 500 ($ES_F) Rebound Bias, but Bear Theme

Extremely erratic price action continues this week, leaving the bear gap from last Monday (2083.25-86.25) intact, with multiple recovery failures just ahead of here (from 1076.25/78.0/79.0).

This leaves risk lower and maintains the bear trend into July, but the bounce efforts from 2034.25 leave an upside bias for Thursday.

For Today:

We see an upside bias for 2063.75; break here aims for 2079.0, maybe 2083.25-86.25, which we would look to try to cap.

But below 2034.25 opens risk down to 2026.0/24.5.

Short/ Intermediate-term Outlook - Downside Risks:

We see a more negative tone with the bearish threat to 2026.0/24.5.

Below here targets 2007.25, 2000.0, 1994.0 and maybe 1958.5.

What Changes This? Above 2086.25 signals a neutral tone, only shifting positive above 2122.0. 

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 (Sept contract)


Daily S&P 500 E-mini Future Chart (Sept 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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