SP500 Technical Analysis ES1! futures S&P 500 Index 4-10-23
Today’s Market Overview:
Today the S&P500 (ES1!) is trading at 4124.
During the previous trading session on Thursday, we saw the index stabilize and reverse from the 4100 level I mentioned earlier.
As I noted in my last market review, the index will attempt to grow to the 4150-4157 level, where there are many speculative orders. If you haven’t seen my previous market analysis, check it out. It’s because of these orders that speculators turned the market around and are now trying to push it down to the 4070 level.
However, there’s a significant challenge in their trading strategy, specifically the 4110-4106 level, where many medium-term investors will try to buy again. This entry point will be the last reliable hope for bulls to grow the index. If this attempt fails and medium-term players don’t want to trade upward, we’ll see a sharp decline in the index to the 4070 level.
The 4070 level will be a key level where one can try to open new long 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 drop to the 4106-4110 level, where it will make its final reversal attempt for growth. However, if this attempt fails, we will see a further decline in the index to the 4070 level.
Don’t forget to hit the like button below if you agree with the current trading situation.
I also need your help; please support me by talking about my blog within your trading community or on your YouTube channel. Share the link with your trader friends, as it will greatly help me in promoting my blog. Recently, I received a letter from Malawi – let’s keep it up!
Give me a thumbs up if you agree with today’s trading idea. Also, remember to contact me in 2-3 days for further trading advice. If you have any questions about my analytics and trading logic, I recommend reading the FAQ. Please share a link to my blog to help promote it. Follow me on Twitter to stay up-to-date on the S&P 500 index. Additionally, visit my About Me page to get to know me better.
