Global stock rebound falters – S&P 500 forecast

  • Global stock indices tried to rebound on Tuesday amid various countermeasures to stabilise the global financial markets by global Central Banks and governments.
  • However, this rebound has quickly stalled with moves back lower and share averages back close to the recent bear market lows.
  • This leaves the threat lower into today and this week, though traders need to watch out for the announcement of the US economic package, more details are due this week, possibly today.

S&P 500 E-Mini Futures day trade outlook: Bear threat, bounce rejected for now

A Tuesday recovery above 2510.0 and 2527.75 resistances, but then fading from below and the 2548.5/55.5 area, from 2542.75, to then surrender various supports as low as 2401.25, to retain bear pressures from Monday plunge to another new cycle low at 2350.0, and whilst below the 2448/59 area we see risks lower into Wednesday.

  • We see a downside bias for 2370.5 and then the new cycle low at 2350.0; a break below aims for the key late 2018 low at 2316.75, maybe even 2228.0.
  • But above the 2448/59 area targets 2493.75 and 2542.5; which we would look to try to cap; above opens risk up towards 2600.25, 2650.0 and maybe 2697.25.

S&P 500 E-Mini Futures intermediate-term outlook

The latter February plunge below 3303.5 signalled an intermediate-term bearish shift.

  • Downside risks: We see an intermediate-term bear trend to aim for 2316.75, 2228.0, maybe 2000.0.
  • What Changes This? Above 2916.0 sees an intermediate-term neutral range and above 3137.0 a bull trend.

Daily S&P 500 E-Mini Futures Chart

SP 500 E-Mini chart

Editor in chief

Steve Miley has 29 years of financial market experience and as a seasoned expert now has many responsibilities. He is the founder, Director and Primary Analyst at The Market Chartist, the Editor-in...continued

Comment on this video

Your email address will not be published. Required fields are marked *

Latest Related News

Global stock outlook improves (S&P 500 forecast)

Stock indices have posted strong gains to start this week, rallying to new recovery high as coronavirus new cases/ deaths have shown some signs of slowing down in some US States (NY State) and in some parts of Europe (Italy and Germany).This has rejected the “risk off” theme from the start of April last week, with global share averages rejecting the prior moves lower (see… Continued

Approaching Short-term Low – Market Turning Points

Point & Figure overview of SPX Long term trend:  Only intermediate targets reliable at this time. Intermediate trend:  Maximum 2170-2030 this phase into mid-year after relief rally. Important  cycles followed I follow only a few cycles that I consider reliable in my analysis.  This is complemented by the analysis of Erik Hadik ( The 80-d cycle is due on 4/8 then 6/8; 40-wk ~7/15; 4.5-yr… Continued

Stock averages recoveries fading (S&P 500 forecast)

Global share indices tried to advance further on Tuesday into the end of quarter (end of the Japanese fiscal year) but have been unable to resume the bullish themes seen through latter March, last week.The subsequent hesitant setback over the past 24 hours may have reflected recovery fatigue, but also potentially a conclusion to end of month/ quarter, rebalancing flows.We see the short-term threat for… Continued

Next Cycle Low ~4/7

The first countertrend rally took SPX to its 200-DMA  where it was repelled. IWM did not fare nearly as well and remains with considerable relative weakness to the SPX.  There may be some additional trading within the range established this week, with the next short-term low due ~4/8.  An intermediate low is not due until mid-year. SPX daily chart Last Monday SPX made a low… Continued

Stock indices build on bases with firm recoveries (S&P 500 focus)

Global share indices advanced further Thursday, as we had flagged in our report on Tuesday with the US Senate passing the $2 trillion economic relief bill, which moves to the House on Friday.Stock averages have pushed up through numerous resistance barriers, to build on bases and confirm short-term recovery themes.We still do NOT see the conclusion to the bigger bear market established in March, but… Continued

Forex Brokers in your location