SP500 Technical Analysis ES1! futures S&P 500 Index 5-15-23
Today’s Market Overview:
Yesterday at the market opening, we saw the index plunge to the 4140 level, something I had previously mentioned. However, the speed of the market’s fall was too rapid, and the 4140 level was simply overlooked by minor speculators. As you may recall from my prior posts, I mentioned that major market players, who bolster the market, are situated at the 4115 level. This is exactly where the turnaround took place.
Currently, I believe we’re witnessing the last attempt at index growth before a deep correction. The market still has an opportunity to ascend to the 4180 level.
At this point, we are inching closer to the pivotal moment when the market is ready for drastic movements. In this situation, as I’ve previously mentioned, we only have two levels – 4115 and 4180 – and it’s around these levels that I recommend you consider opening your positions.
If you didn’t see my analysis yesterday, you can check it out here.
What to expect today:
Today at the market opening, I expect the index to attempt to stabilize and descend to the 4120 level, after which the market will make another attempt to climb to the 4180 level. However, if this attempt is thwarted, we will witness a sharp drop in the index to the 4000 level or lower.
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