S&P 500 Pause, But Mid-Month Bearish Risk Intact!
Steve Miley | Oct 15, 2014 06:26AM ET
S&P 500 bigger top points to still further bear pressures
The Friday, weekly close below trend lines from June 2013 and November 2012 was reinforced by a Monday gap lower (subsequently closed) through the 200-day MA and the key 1882.5 Q3 low.
Despite a Tuesday bounce, we look for further upside into midweek to again stall at our modest resistance at 1905/06, with a stronger barrier at 1931.25 to try to cap.
Whilst below these resistances we see negative pressures intact this week.
The downside threat through 1863.75 is to 1843.75, 1839.25, 1828.75 and 1826.0 (the 61.8% retrace of the rally for 2014).
WHAT CHANGES THIS?
Above 1905/06 eases bear risks; through 1931.25 signals a neutral tone and 1971.0 switches to bullish.
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