SP500 Technical Analysis ES1! futures S&P 500 Index 3-28-23
What’s on the market now:
Today the S&P500 (ES1!) is trading at 4004.
Yesterday at the market opening, the index had a chance to grow, but this attempt was broken, and throughout the day, we saw the index stabilize and decrease to its target zone of 3990, which I mentioned earlier.
At the moment, the idea of rapid growth is still very relevant among large traders. However, this idea is not yet visible to all market participants. But we should remember this possibility and be ready to take advantage of it if we get the chance. For now, though, and it’s apparent, we will be dealing with the current correcting market.
However, until April 7th, we need to be extremely cautious about the possibility of sharp growth, as many trading houses will have available funds that they will want to allocate. If the overall economic dynamics are positive for the first quarter, then the market growth I’m talking about will become a reality.
If you didn’t see my analysis yesterday, you can check it out here.
What today:
S&P500 (ES1!) on the charts today:
Today at the market opening, I expect the index to attempt a decline towards the 3990-3965 level, where there will be the last scheduled attempt at index growth. However, if this attempt is broken, we will see a sharp further decline to the level of 3890, where experienced speculators will lock in their profits gained since last Friday.
Be aware that sharp market movements are possible.
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