S&P 500 Aiming Higher Towards 1974.25
Steve Miley | Aug 19, 2014 02:59AM ET
S&P 500: bullish extension bias
We stated in our last client report that “the push above the lower level 1956.5 followed by a whipsaw dip and bounce has indicated upside risk, to the top of our broader range at 1964/65” and also that “we look for this higher area to be challenged this week and growing threat for a break above to signal a re-energizing of a more bullish tone”.
The easy push above 1964/65 signals a more bullish theme and now aims higher for 1974.25, 1979.5 and the 1985.75 record high, maybe this week.
We look for support on dips to 1956/54 and certainly 1937.25 to hold.
WHAT CHANGES THIS?
Below 1956/54 eases bull risks; through 1937.25 signals a neutral tone, only shifting negative below 1923.5.
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