S&P 500: Bearish Risks Ahead
Steve Miley | Oct 02, 2014 03:24AM ET
S&P 500 bearish risks
We have stated in recent reports that given the bearish shift “a notable topping structure still favours a deeper correction for early October to target chart/ retrace/ 100-day MA, support at 1950.0/48.5/47.5 next."
The plunge back from modest resistance at 1979.25 through these supports has already seen an approach to our next flagged target, the 61.8% retrace at 1933.0.
We now see risk through here ant the 1929.5 spike low, for chart/ retrace support at 1915.5/10.75.
Overshoot threat is to the 1882.5 key August low.
WHAT CHANGES THIS?
Above 1967.0 eases bear risks; through 1979.25 signals a neutral tone, only shifting positive above 1992.5.
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