- A move to a “risk off” phase on Thursday, possibly driven by month-end rebalancing, plus by negative comments from president Trump regarding China.
- Despite the selloff across global equity indices, we see rebound risks for today.
- Here we review prospects for the future on the US benchmark index, the S&P 500.
S&P 500 E-Mini day trade outlook: Upside risks just intact, looking for a bounce
A setback Thursday and again overnight through 2880.25 support but just holding above next 2852.0 support at 2853.0, to retain upside forces from Wednesday’s strong advance to a new cycle high at 2965.0, plus from Tuesday’s rally through the 2885.0 mid-April cycle high, to leave risks higher Friday.
- We see an upside bias for 2909.5 and 2931.0; a break above aims for 2965.0 and maybe 2984.25, even towards 3000.0.
- But below 2852.0 targets 2812.75, maybe even towards 2782.75.
S&P 500 E-Mini Futures intermediate-term outlook
The mid-April push above 2884.75 signalled an intermediate-term shift from bearish to neutral, with a range seen as 3137.0 to 2424.75.
- Downside risks: Below 2424.75 sets an intermediate-term bear trend to aim for 2174.0, 2000.0 maybe 1802.5.
- Upside risks: Above 3137.0 sets an intermediate-term bull trend to aim for 3397.5 maybe 3500.0.
4 Hour S&P 500 Chart
