SP500 Technical Analysis ES1! futures S&P 500 Index 2-24-23
What’s on the market now:
Today the S&P500 (ES1!) is trading at 4007. Now the market is in a correction and is trying to stabilize and start a new trend. The nearest growth target is the level of 4040-4050, what i mentioned yesterday. If the price reverses from this level and goes down, then we can see 3880. It will be important for us to increase our positions from this level.
However, now our task is to keep the current positions. And in case this upside attempt is broken, we will need to look for opportunities to increase our positions lower around the 3880 level. So limit your losses.
If you haven’t seen yesterday’s index analytics, you can check it here.
What today:
Today, at the beginning of the trading day, I expect the index to make another attempt to rise to 4040-4050. Where there are a large number of orders from speculators. At this level, many of them will again try to bring down the index. And if this attempt is successful, then we will see the index drop to the level of 3880. Such an event may occur on February 28th. Therefore, it is important to limit your losses.
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