SP500 Technical Analysis ES1! futures S&P 500 Index 2-10-23
What’s on the market now:
Today the S&P500, (ES1!) is trading at 4094. Yesterday at the opening of the market, we saw the market attempt to continue its growth. However, the market reversed sharply around the 4165 level I mentioned earlier. After that, many participants were forced to close their positions, which led to a sharp collapse of the index. However, the drop we saw yesterday, although significant, I think the bottom will be lower around 4030.
I still believe that globally the market goes to the level of 4310 and above. However, now the market is in a slight correction, which I expect to last until February 13-14.
If you haven’t seen yesterday’s index analytics, you can check it out here.
What today:
Today at the open of the market I expect it will attempt stabilization and try to rise to the level of 4120. At this level, experienced players will increase their positions аnd they will wait for the index to drop to the level of 4065-4025. If this reversal attempt is successful, we will see the index decline.
Here are my trading recommendations for today 2-10-23
What I recommend:
- If you want to open a short position:
Short positions are prohibited.
- If you want to buy:
Long positions possible on pullbacks from 4063-4025, 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 4025-4063, 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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