SP500 Technical Analysis ES1! futures S&P 500 Index 2-6-23
What’s on the market now:
Today the S&P500, (ES1!) is trading at 4124. Last Friday, we saw the index begin its rise to 4177. Where did the reversal that I mentioned earlier occur and the index began to fall to the level of 4123-4095.
The market is still positive, globally. And it is moving to the level of 4310. As you probably understand, there will be only 1 peak at the top, but there will be several attempts to climb it. I expect the market to peak at 4450. And this will happen in March.
If you haven’t seen yesterday’s index analytics, you can check it out here.
What today:
Today at the opening of the market I expect that the index will make an attempt to fall to the level of 4123-4095. At this level, there are a lot of orders to buy and close long positions from inexperienced traders.
If this attempt is successful, the index will fall to the level of 4123-4095. Where I expect an attempt to stabilize and turn the market.
Here are my trading recommendations for today 2-6-23
What I recommend:
- If you want to open a short position:
Short positions are prohibited, limit your losses
- If you want to buy:
Long positions possible on pullbacks from 4105-4095, limit your losses
- If you are not in the market:
If you’re out of the market. Then you need the perfect price to trade. Long positions possible on pullbacks from 4105-4095, limit your losses. If you want to open a short position, then it is better to do it from the level of 4310. Limit your losses.
Please note that my S&P 500 ES1! analysis is current as of the publication date. In fact, I am arguing that the analysis is correct only at the time of its publication and may be incorrect even a few hours after its publication. This is due to the fact that I analyze the trading volumes that are on the exchanges, and therefore it makes sense for you to follow me on Twitter. Or join my telegram trading channel.
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