S&P 500 keeps the party going!

Intermediate
  • Last week we looked at the S&P 500 cash and futures push above the February 202- peaks to a new record (plus through the psychological/ option target at 3400.0).
  • Since then, the US equity indices have seen a relentless push higher with the S&P 500 keeping the party going marching through 3500 and now approaching 3600!
  • Positive global PMI data this week has reinforced the economic recovery story from the COVID-19 pandemic.  
  • Here we again spotlight the future on the US benchmark stock average, the S&P 500.

S&P 500 future day trade outlook: Even more bullish

Day trade update and view

Another day and another new record level on Wednesday to surge above 3541.75, 3549/50 and 3569.5 resistances to just stop below our 3588.75 barrier at 3587.0, to build on the late August advance through the previous record high from February at 3397.5, to keep the threat to the upside for Thursday.

Day trade setup

  • We see an upside bias through 3587.0 and 3588.75 for 3600.0; a break here aims for 3626/30.
  • But below 3533.75 targets 3513.0; below here possibly opens risk down to 3484.25/80.75.

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 3626/30 extension target area and 3709.75.
  • What changes this? Below 3319.5 shifts the intermediate-term bull trend to neutral; through 3190.25/88.5 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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