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Elliott Wave Charting: S&P Futures Top

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Elliott Wave Charting: S&P Futures

S&P futures fell on Friday, after some profit taking as traders were unable to push the prices through 1165 top. Prices dropped 15 points (1.2%)  and have already broken through the support line of an upward channel, which could be a signal that the top is in place, and lower levels are in the process of being built into. At least one corrective decline should be seen in the near future, towards the 1136 region, after the five waves up shown in a blue wave (5) found a base.

Bearish divergence and a cross on the MACD also signal for a move lower, all the time that the 1165 top holds.

 

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TheLFB S-PTheLFB Charting: S&P Futures 4h view

 

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