Stocks aims higher into key US Employment report

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

Market Chartist

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Steve Miley is the Market Chartist and 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 Mar... Continued

Paul Gibbett says:

June 28, 2020 at 8:06 am

Completely agree with you on the S&P punching through 3000, possibly Friday. I think it could hit new all time highs early summer. One thing this recent rise has done is to show the weakness of technical charting analysis when 9 out of 10 analysts on here predicted a second crash.

1. FxExplained says:
  
  June 28, 2020 at 8:06 am
  
  Thanks for the comment and feedback. Yes, for me technical risks are to the upside in the short- to intermediate-term, not sure if we get back to the record highs, but maybe close. I still think that there is another big down move coming though, from higher levels, but the next down move may not even be back to the current March low, but that could still be another 25-30% selloff. Have a GREAT trading day!