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S&P 500: Bulls Remain Fearless But For How Long?

Published 10/15/2017, 08:59 AM
Updated 01/11/2024, 05:37 AM

E-Mini Daily Clean Chart - October 15, 2017

E-Mini S&P 500 Futures


Market is still trading on a stretched Ending Diagonal wave 5 of intermediate wave (3). A strong breakout above 2560 will open up 2590-2600 for another and final melt-up phase. If ES manages to hold below 2560-2558 resistance then we will be expecting some minor pullback (see next chart).

E-Mini 1H Chart - October 15, 2017
E-Mini S&P 500 Futures 1 Hour Chart


In the above 60min chart, we see a contracting price action at the highs or a possible Running Triangle. If that is another smaller degree ED then ES should find top at 2556-2558 this week. Key support to break remains 2538-39.


If the above action is a bullish i-ii setup then we will see a strong breakout above 2562 and a rally towards 2585!

SPX Weekly Chart - October 15, 2017
S&P 500 Index Weekly Chart

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