SP500 Technical Analysis ES1! futures S&P 500 Index 2-8-23
What’s on the market now:
Today the S&P500, (ES1!) is trading at 4161. Yesterday at the beginning of the day we saw the stabilization of the market. However, during the day there was a sharp movement, which I mentioned earlier, and the index rose to the level of 4175. Now, for many market participants, the index seems to be growing. However, yesterday’s volumes were trades between big players.
Although, as I said earlier, the global index remains positive and will peak at 4450-4310. But now the market has every opportunity to start a complex correction. The bottom of which will be at the level of 4025-4063. However, the market is still likely to rise sharply, so short positions are prohibited.If this attempt to drop the index is broken, then we will see a sharp increase in the index to the level of 4310.
In the current situation, the right decision would be to increase long positions from the level of 4025-4063.
If you haven’t seen yesterday’s index analytics, you can check it out here. My expectation during the day in the telegram channel.
What today:
Today at the open of the market, I expect the index to try to go below 4140. In the current situation, the market is squeezed between the level of 4185 – 4140. Particular attention today should be paid to the level of 4140, where the index movement can stabilize and an attempt to continue growth is possible. However, if this attempt is broken. We will see a sharp decline in the index to the level of 4100 and below.
Here are my trading recommendations for today 2-8-23
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 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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