SP500 Technical Analysis ES1! futures S&P 500 Index 4-3-23
What’s on the market now:
Today the S&P500 (ES1!) is trading at 4135.
In the last trading session, which was on Friday, we saw the index continue to grow and reach the target zone I mentioned earlier at 4124. Currently, I expect the index to attempt stabilization. If profit-taking occurs now among speculators, I anticipate stabilization and a further decline of the index to the 4080 level. Only after that will the index resume its growth to the 4197 level I mentioned earlier. It is at this level, around 4200, that I expect a sharp profit-taking attempt from short-term investors.
If you didn’t see my analysis yesterday, you can check it out here.
What today:
Today, at the market opening, I expect the index to attempt to rise to the 4196 level. However, if this attempt is broken, we will see stabilization and a further decline of the index to the 4080 level I mentioned earlier. It is at this level that we should be looking for opportunities to open new long positions.
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