S&P500 future – June 27th. Week 26 update!
After previous weekly analysis June 20th. The price zone of 4148 – held and we reached our upside target at 4282 and made a new record high of 4289.
Bear scenario: in case of a set-back it is important for bulls to hold the price zone of 4227/4236. Should this price zone be significant undercut a further correction could push the bulls back into our next support of 4217 - 4214 below that the medium-term bias would turn from bullish to neutral. Further supports are 4203/4200 – 4189/4186 then 4164/4139 and (4124/4116 GAP Fill (Cash Market) and only below this zone we see 4060/4035. Downside targets see chart posted April 12th.
Bull scenario: Above 4289 next goals are at 4290/93 – (4300/07 (dotted upper line) broadening Bottom resistance. Only above last mentioned next possible expansion targets at 4350/4380/4394 and 4419/4430.
This week’s key reversal days is Monday – Thursday – Friday non-farm payrolls release.