S&P 500 E-Mini Falters At All-Time High
Steve Miley | Jul 17, 2014 03:01AM ET
S&P 500 risk skewed for a roll back to range supports
A probe higher within the range theme, but again capped by the all-time high at 1978.25, which we still look to try to cap this week.
We still see the near term range theme defined by the swing low, 1936.25 and 1978.25 record high.
We see modest risk into Thursday/ Friday for a roll back lower to the range, towards 1958.75 and 1953.0.
WHAT CHANGES THIS?
Upside: Above 1978.25 aims through a Fibo extension level at 1983 for another at 1996 ahead of psychological 2000.0.
Downside: Below 1936.25 sees a bear shift to target 1929.5 and critical 1917.5.
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