SP500 Technical Analysis ES1! futures S&P 500 Index 4-6-23
Today’s Market Overview:
Today the S&P500 (ES1!) is trading at 4110.
Yesterday, we saw the index reach the 4100 level, which we had anticipated earlier. Currently, we can see the index attempting to reverse at this level. If the reversal is successful and we witness growth to the 4145 level, there will be many orders to open positions from speculators who want to trade downward to the 4070 level.
However, if the current attempt to reverse the index from the 4100 level is unsuccessful, we will see a further decline to the 4067 level, where there is a large number of buy orders from major investors. As such, our focus today should be on the 4100 level.
As I mentioned earlier, the 4067 level will be a key area where new long positions could be attempted. To do this, one must monitor the trading volumes in the market.
If you didn’t see my analysis yesterday, you can check it out here.
What to expect today:
Today, I’m publishing my post with a couple of hours delay. Throughout the trading day, I expect the index to attempt to rise to the 4145 level. However, if this attempt is broken, we will see a further decline in the index to the 4067 level.
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