I am publishing a quick update for S&P500. I provide updates as often as I can. Notice that price projections in my method are not from/to random levels and do not follow Elliot Wave, DiNapoli levels or other methods, but rather a proprietary method based on modeling effects of Program and Algorithmic Trading on price.
S&P 500 emini futures
While a lot of commentators are calling for a reversal of the S&P500, our model of Program Trading activity shows that the indices is still on track for its move higher.
The market found support at the 1673 area that has the 1724 area of target above, well into to that first target area coming from the analysis of the weekly timeframe coming at 1,720/30.
As indicated in the last analysis, (also published on FXStreet.com) once and if price hits that 1724 area we could witness a small retrace into the 1707 area (scenario 1), but price of the equity index could just continue higher into the next weekly target area at 1,800 to 1,820.
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