From the short-term out to the longer-term time horizons, today’s E-mini SP-500 research is delivered with the intent to fully enhance your futures trading strategy.
SHORT-TERM (today and 5 days out)
Minor adjustments Friday as the 2153.00-55.50 region remains able to contain selling into later next week, above which 2186.75-88.75 continues to be a 3-5 day target. Upside today, 2163.75 should contain initial strength, while pushing/opening above 2163.75 signals 2171.00 intraday, able to contain session strength. Closing today above 2171.00 indicates 2186.75-88.75 within 1-2 days where the market can top out through next week as well as representing a meaningful upside continuation point into later August. Downside Friday, breaking/opening below 2153.00 allows 2143.25 intraday, while a settlement today below 2153.00 signals 2119.50 within 3- 5 days, able to contain selling through August activity and above which a long-term buy signal remains in effect.
NEAR (2-3 wks) and LONG TERM (2-3 MO+)
The 2119.50 region (2125.08 Index – page 2) can absorb selling into later year, above which 2242.75 remains a 3-5 week target, 2360.00 attainable by the end of the year. Upside, 2188.75 can contain weekly buying pressures, with a settlement above likely to yield 2242.75 within several weeks where the market should top out a monthly basis. A settlement above 2242.75 maintains an accelerated upside pace into Q4, 2360.00 then expected over the following 5-8 weeks where the market can top out well into 2017. Downside, a daily settlement back below 2119.50 would be considered a failed long-term buy signal, essentially a valid sell signal into later August, 2007.75 then considered a 2-3 week target able to contain selling through September and a meaningful downside tipping point into early Q4
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