More Upside Ahead for S&P 500 After Pivot Off Support
Stock-Markets / Stock Market 2017 Jan 28, 2017 - 07:15 PM GMTBy: Mike_Paulenoff
In my January 13 Wrap, I included a chart on the Emini S&P 500 (ES) showing a bullish coil formation pointing to a target zone of 2300/10.
On Thursday of this week, the ES reached a new high of 2299.50 before pulling back.
The pattern off of Thursday's high exhibits corrective form so far. This strongly suggests that there is more upside ahead after this pullback runs its course.
That said, judging from the negative juxtaposition of the 4-hour RSI and MACD, we should not be surprised to see the ES press closer to the 2280/75 support plateau prior to pivoting to the upside into another up-leg.
My next near-term upside target is 2315/20, with my outlier, blow-off target in the vicinity of 2365/70.
Only a break of 2274 will compromise the tining of the still-bullish set-up.
By Mike Paulenoff
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
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