US stocks surge to record levels (S&P 500 forecast)

Intermediate
  • Multiple positive signals for global financial markets over the past 24 hours, with fears regarding the spread of the coronavirus easing, rumours of a vaccine, China cutting import tariffs on US goods, and of less significance for markets, the US President surviving the impeachment trial.
  • This has seen US and global stock surge over the past two sessions, with US share averages hitting record levels and European indices making bullish statements.
  • Here we focus on the future on the US broad, benchmark index, the S&P 500.

S&P 500 E-mini Future day trade outlook: Intermediate term bull shift and upside risks

A Wednesday surge again through the cycle high at key 3337.5 for an intermediate-term bullish shift, to reinforce Tuesday’s strong advance through key 3297.5 resistance (to shift the intermediate-term outlook from bearish to neutral), to keep risks back higher into Thursday.

  • We see a upside bias for 3363.75 and 3375.0; a break above aims for 3389.75 and 3400.0, maybe 3411.25.
  • But below 3339.0 aims for 3327.0; through here opens risk down towards 3311.75 and maybe even 3301/00.

S&P 500 E-mini Future intermediate-term outlook

An early February surge above 3337.5 signalled an intermediate-term bull trend to aim for 3389.75 and 3500.0.

What changes this? Below 3288.5 sees an intermediate-term shift to neutral and below 3212.75 to bearish.

4 Hour S&P 500 E-mini Future Chart

S&P 500 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

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