US equity averages have seen resilient on consolidation this week after strong rallies earlier in June, which have eased bear forces from the selloffs from May. European equity averages have also progressed higher, with the FTSE 100 and DAX, looking to post more bullish statements, as seen in our article here. In addition, FAANG stocks are at least indicating a less negative tone and in some cases pointing to a more bullish outlook.
S&P 500 E-Mini Future
A solid rebound on Thursday to reject Wednesday’s setback, bouncing from 2867.25 to hold onto a positive outlook from the whole June rally and Monday’s push above a key 2894.0 resistance peak, to keep risks higher Friday.
The push above 2894.0 shifted the intermediate-term outlook from bullish to neutral, with a range seen as 2961.25 to 2728.75.
For Today:
· We see an upside bias for 2897.25; break here aims for 2911.5 and 2918/19, possibly even towards 2938.25.
· But below 2876.0 opens risk down to 2867.25, maybe towards 2858/57.
Intermediate-term Range Breakout Parameters: Range seen as 2961.25 to 2728.75.
· Upside Risks: Above 2961.25 sets an intermediate-term bull trend to aim for 2975.0, 3000.0 and 3033.75.
· Downside Risks: Below 2728.75 sees an intermediate-term bear trend to target 2686.0 and 2627.75.
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S&P 500 upside threats
Published 06/14/2019, 06:47 AM
Updated 12/12/2023, 05:55 AM
S&P 500 upside threats
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