US indices hit further new record highs: S&P 500 Daily Forecast

  • An erratic Tuesday session with initial gains to a new record high for the S&P 500, alongside the major US equity indices, with ongoing hopes from last week on positive soundings from the US-China trade talks.
  • However, some negative rumours from China alongside further tariff threats from President Trump saw stock markets retreat through the session Tuesday and again overnight.
  • However, from a technical perspective, the recent rallies leave risks higher for today and into this week.

Day-trade prospects

Another new record high Tuesday through 3127.75 to 3132.5 to build on Friday’s strong rally through 3011.5, and despite a setback just through 3112.75/11.0 support, whilst holding at 3108.25, to keep the bias higher for Wednesday. 

  • We see an upside bias for 3124/25; break here aims for 3132.5 and 3138.5 and maybe 3150.0.
  • But below 3108.25 quickly targets 3103/02 and then opens risk down 3097/96, even 3081.75.

Intermediate-term outlook

The mid-October surge above 2965.5 set an intermediate-term bull trend.

Upside risks: We see an upside risk for 3250.0.

What changes this? Below 3020.25 shifts the intermediate-term outlook straight to an intermediate-term bear theme.

4 Hour S&P 500 Chart

S&P 500

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

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