S&P 500 index hits all-time high, future poised for a similar signal

  • The S&P 500 cash index hit a new record high on Tuesday 18th August and the S&P 500 future is now poised to test its all-time high at 3397.5 (from February 2020).
  • The broad “risk on” environment points the way still higher into today latter August.
  • Here we spotlight the future on the US benchmark, the S&P 500.

S&P 500 future day trade outlook: Poised at the record high, 3397.5 (cash hit a new high)

Day trade update and view

A Tuesday prod higher to another new cycle high at 3393.75 (with the cash index hitting a new intraday high), to build on the steady August advance to close the February bear gap at 3312.0-28.0, plus bull forces from the mid-July rally through the key June cycle high at 3231.25 (for an intermediate-term bullish shift), to leave the threat to the upside for Wednesday.

Day trade setup

  • We see an upside bias to 3393.75 and the record high at 3397.5 and 3400.0; a break here aims for 3417.75, maybe towards 3436.25.
  • But below 3350.0 targets 3319.5 and aims for 3300.5; below here possibly opens risk down to 3278.75.

S&P 500 future intermediate-term outlook

The early July push above 3231.25 signalled an intermediate-term shift back to a bull trend.

  • Upside risks: We see an intermediate-term bull trend to aim for 3397.5 and 3500.0.
  • What changes this? Below 2983.5 shifts the intermediate-term bull trend to neutral; through 2923.75 to an intermediate-term bear trend.
6 Hour S&P 500 Chart
6 Hour 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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