A strong advance Wednesday for the S&P 500 E-mini future through 2919/20 and 2926.5 resistances and then overnight through barriers at 2946.5 and 2961.0, to reinforce the setback and rebound to start September (from new 2889.0 support), to keep risks higher for Thursday.
The late August prod above 2944.25 set an intermediate-term bull theme.
For Today:
· We see an upside bias for 2971.75 and 2975/77; break here aims for 2990/91 and maybe 3000.0, possibly even towards 3014.25.
· But below 2954.75 opens risk down to 2937.0 and 2925.25, maybe 2913.0.
Intermediate-term Outlook - Upside Risks: We see an upside risk for 3000.
· Higher targets would be 3029.5 and 3050.0.
· What Changes This? Below 2851.75 shifts the intermediate-term outlook back to neutral; through 2810.25 is needed for an intermediate-term bear theme.
European equity futures have also based, as highlighted here.