- A shift back towards a “risk on” theme this week, with share indices rebounding further overnight after US and China government officials talk trade.
- A key focus today will be on the US Employment report.
- Here we look at the positive bias for the future on the US benchmark stock average, the S&P 500.
S&P 500 E-Mini Futures day trade outlook: Aiming higher
A strong Thursday advance and higher again this morning above 2889.75 and 2909.5 resistances, to reinforce Wednesday’s rebound off of 2823.0 (after a setback just below initial support at 2832.5), to resume positive pressures from the early May recovery from new 2771.0 support, PLUS from the strong, late April advance to a new cycle high at 2965.0 (after the push above the 2885.0 mid-April cycle high), to leave risks higher Friday.
- We see an upside bias for 2931.0; a break above aims for the cycle high at 2565.0 and maybe 2584.25.
- But below 2868/67 targets 2823.0, maybe even towards 2807.25.
S&P 500 E-Mini Futures intermediate-term outlook
The mid-April push above 2884.75 signalled an intermediate-term shift from bearish to neutral, with a range seen as 3137.0 to 2424.75
- Downside risks: Below 2620.75 sets an intermediate-term bear trend to aim for 2424.75, 2174.0, 2000.0 maybe 1802.5.
- Upside risks: Above 3137.0 sets an intermediate-term bull trend to aim for 3397.5 maybe 3500.0.
4 Hour S&P 500 E-Mini Futures Chart
