S&P 500 E-Mini Bottoming Theme Renews
Steve Miley of Market Chartist/ FX Explained - InsideFutures.com - Wed Aug 14, 12:44AM CDT

A probe lower at first Tuesday by the S&P 500 E-mini Future, below the 2870.5 support to 2866.75, then a surging recovery above multiple resistances to a new rebound high above 2940.75, to 2944.25, to resume the bottoming and recovery theme and shift the bias back to the upside for Wednesday.

We see an intermediate-term bear trend, BUT with risks for a shift back to neutral above 2961.0.

For Today:

We see an upside bias for 2944.25; break here aims for key 2961.0, then 2976/77, maybe even towards 2990/91.

But below 2917.5 opens risk down to 2897/96, maybe 2882/81.

Intermediate-term Outlook - Downside Risks: We see a downside risk for 2732.25/31.75.

Lower targets would be 2637.0 and 2579.75.

What Changes This? Above 2961.0 shifts the intermediate-term outlook back to neutral; above 3014.25 is needed for an intermediate-term bull theme.

4 Hour S&P 500 E-Mini Future Chart