- A rebound for global equity markets since last Friday and into late September.
- This has eased the bigger picture bearish pressures from the September selloffs.
- Modest setbacks were seen Tuesday, however, and also overnight in the wake of the US Presidential debate (which again raised concerns about the possible transfer of power).
- Here we view the technical analysis for the S&P 500, the US benchmark average.
S&P 500 future day trade outlook: Upside threat, despite dip
Day trade update and view
A dip Tuesday exactly down from the bottom of our 3363/65 resistance area, but to hold just below 3305.75 support at 3303.5, to retain a positive tone from Monday’s rally up through the 3319.75/26.25 resistance area and to reverse above the September down trend line, to keep the risk to the upside Wednesday.
Day trade setup
· We see an upside bias for 3327/28 and then 3363/65; a break here aims for 3393/94 and possibly key peaks at 3419.5/24.25 and maybe even the 3447.0/53.25 resistance area.
· But below 3303.5 opens risk down to 3282.0 and possibly 3243/42.
S&P 500 future intermediate-term outlook
The early September sell-off below 3319.5 signalled an intermediate-term shift to a broader range seen as 3190.25/88.5 to 3484.25.
Downside risks: Below 3190.25/88.5 sets an intermediate-term bear trend to target 3105.25, 3000.0, 2983.5 and 2923.75.
Upside risks: Above 3484.25 sets an intermediate-term bull trend to target 3587.0, the 3626/30 extension target area and 3709.75.
6 Hour S&P 500 Chart
