S&P 500 June bull theme intact, but threat of a correction
We stated in our last report that “the early June risks remains to a next extension target at 1938.0” and with that target already hit on Thursday, we aim still higher into mid-June, into next week.
For Friday, however, we do see risk of a consolidation given intraday and short-term bullish momentum fatigue, for a potential modest setback to minor supports at 1929.5 and maybe 1925/24, with better foundations seen at 1921.0 and 1916.0.
Into mid-June, however, we now see risk to Fibo targets at 1970.0 and 1978.0, then little to 1996.0.
WHAT CHANGES THIS?
- Below 1921.0 eases bull risks; through 1916.0 signals a neutral tone, only shifting negative below 1913.75.
2 hour SP500 E-mini Future Chart
Daily SP500 E-mini Future Chart