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A longer-term bullish strategy remains intact for E-mini S&P 500 futures as 2013 gets underway, setting the stage for a continued rally toward levels not reached since 2007, technical analyst Robin Mesch said in a monthly report.
Pushing above chart resistance around 1,460 would be "a significant indication of a shift in psychology," potentially signaling a climb to 1,500, the Oregon-based Mesch, a CME Group featured contributor, wrote in a monthly outlook. Mesch's projections are based on price "usage" levels, indicating where investors have accepted or rejected value.
Failure to break above the 1,460 level early this month would indicate prices will further develop the current range, potentially falling to 1,410 to 1,430, Mesch said. It would take a decline below 1,380 "to put a pause on our longer-term bullish read," she said.
In trading January 4, March E-mini S&P futures rose 5.25 to 1,458.75, after touching 1,460.50 the previous day. The market peaked at about 1,586 in October 2007, based on nearby futures. In other CME Group markets, Mesch said her outlook WTI crude futures will continue to rally toward $96 a barrel remains in place.