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S&P 500 E-Mini Bottoming Theme Renews

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A probe lower at first Tuesday by the S&P 500 E-mini Future, below the 2870.5 support to 2866.75, then a surging recovery above multiple resistances to a new rebound high above 2940.75, to 2944.25, to resume the bottoming and recovery theme and shift the bias back to the upside for Wednesday.

We see an intermediate-term bear trend, BUT with risks for a shift back to neutral above 2961.0.

For Today:

We see an upside bias for 2944.25; break here aims for key 2961.0, then 2976/77, maybe even towards 2990/91.

But below 2917.5 opens risk down to 2897/96, maybe 2882/81.

Intermediate-term Outlook - Downside Risks: We see a downside risk for 2732.25/31.75.

Lower targets would be 2637.0 and 2579.75.

What Changes This? Above 2961.0 shifts the intermediate-term outlook back to neutral; above 3014.25 is needed for an intermediate-term bull theme.

4 Hour S&P 500 E-Mini Future Chart

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About the author

Steve Miley has 29 years of financial market experience and is the founder, Director and Primary Analyst at The Market Chartist, plus Editor and Lead Writer for

The Market Chartist provide daily technical analysis reports, with written commentary and key support/ resistance levels to an institutional, professional and retail client base. The 30+ daily reports include European, UK and US Bonds & Equity Index Futures, G10 currencies, Brent Crude Oil, UK Nat Gas, TTF Gas, Gold, Silver and LME Base Metals. 

Steve is also the Academic Dean for The London School of Wealth Management, a role he truly enjoys and appreciates, being able to educate a diverse array of students on the financial markets world.  

Steve 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 from 1994-2009; 10 years as a technical analyst, 5 years in Fixed Income derivatives sales.

Steve has won many awards from the Technical Analyst Magazine Awards. He was the 2016 & 2013 Winner (plus 2014 Runner Up) for Best Independent Fixed Income Research & Strategy and winner of Best FX Research & Strategy in 2012. He was also a finalist in the Technical Analysts of the Year category each year for 2012-2017.

He is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Oxford University (Lincoln College).

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