SP500 Technical Analysis ES1! futures S&P 500 Index 3-31-23
What’s on the market now:
Today the S&P500 (ES1!) is trading at 4100.
The market is currently in a positive zone and moving towards the 4200 level. Right now, there are many traders eager to enter the market, ensuring a steady upward movement of the index. However, we should anticipate possible pullbacks during this upward trend. For today, the nearest pullback level is at 4070, where you can increase your positions if you haven’t entered the market yet. As for the price, as I mentioned earlier, a growth halt is possible at the 4125 level. After that, I expect a minor market pullback that we should utilize to increase our positions.
If you didn’t see my analysis yesterday, you can check it out here.
What today:
Today, at the beginning of the trading day, I anticipate an attempt for the index to rise to the 4101 level, where a large number of orders to lock in profits from speculators are likely to cause some stabilization. However, further growth will likely continue soon after. I expect that medium-term investors will try to lock in profits at the 4124 level, leading to a pullback in the market to the 4070 level. However, if this attempt is broken, we will see a sharp rise in the index to the 4192-4197 level.
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