S&P 500 rebound effort leaves bias for a range theme above 1867.5 (but with a positive bias) A better recovery effort late last week and to start this
S&P 500 rebound effort leaves bias for a range theme above 1867.5 (but with a positive bias)
A better recovery effort late last week and to start this week during a less liquid market (given Easter holidays still in Europe), but with growing risk for a push above the key failure peak at 1867.5.
Although we still see bearish pressures whist below here, the growing threat is for a break above to neutralize the topping structure from early April. This would then see a more resilient tone for 1875/76.
Whilst below 1867.5, however, the bias is for a roll back lower to the range, for 1856/55 and 1840.5.
WHAT CHANGES THIS?
Above 1867.5 signals a neutral tone, only shifting positive above 1892.5.
