SP500 Technical Analysis ES1! futures S&P 500 Index 4-26-23
Today’s Market Overview:
Yesterday at the market opening, the index tried to stabilize, as I had predicted earlier, and only then continued its sharp decline, reaching the 4095 level, which I’ve been talking about for the past few days. The index’s lowest point was 4091, after which speculators began to take profits. I’ve already mentioned that many large funds are looking for opportunities to open long positions at the 4090-4070 level.
However, right now, most market participants are unsure whether this correction has ended. Many experienced investors are not ready to invest at this very moment, as their orders from large investment funds are placed slightly below the 4070 level.
Despite the negative week. My outlook on the market on a global scale remains positive. I expect further growth of the index to the 4250-4310 level, which I have also mentioned before. I recommend that you consider increasing your positions around the 4080 level and below.
If you didn’t see my analysis yesterday, you can check it out here.
What to expect today:
As for today, at the market opening, I expect the index to attempt stabilization. After that, I anticipate one last attempt to lower the index to the 4070 level. Overall, today’s trading day will be negative, as experienced speculators still want to push the index down to the 4070 level, where the orders to lock in profits are placed.
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