S&P 500 E-Mini Tops For Defensive Range Theme
Steve Miley | Jul 09, 2014 03:34AM ET
S&P 500 risk skewed to support probes
A break below modest support at 1966/64.5 and the firmer impulse level at 1956.25, but the close below the 13-day EMA, which had held on a closing basis through June probes, sees a shift to a range theme into mid-July.
We see that range defined by the swing low, 1936.25 and 1978.25 record high.
Through midweek, the bias is lower, to supports at the trend line, currently 1952.0, then 1948.0 and 1942.75.
WHAT CHANGES THIS?
Downside: Below 1936.25 sees a more bearish shift to target 1929.5 and critical 1917.5 low.
Upside: Above 1978.25 aims through a Fibo extension levels at 1983 for another at 1996 just ahead of the psychological/ option barrier at 2000.0.
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