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S&P 500 Aiming Higher Towards 1974.25

Published 08/19/2014, 02:59 AM
Updated 12/12/2023, 05:55 AM

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.

2 Hour S&P 500 E-mini Chart

Daily S&P 500 E-mini Chart

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