Major players are not willing to take risks. Is growth possible on low volumes? Without the Fed’s help, there will be a correction.

SP500 Technical Analysis ES1! futures S&P 500 Index 3-20-23

What’s on the market now:

Today the S&P500 (ES1!) is trading at 3957. As I expected last Friday, the market dropped to the target zone around 3950. After that, we saw a stabilization of the market and an attempt to rise in the index, but it was a very weak attempt.

Now the index is at a crucial point, and speculators are eager to bring the index down to 3765-3730. As there are currently very few buyers in the market and the market lacks sufficient volume to continue rising, they will try to do so. Therefore, if the current attempt to rise is broken, we will see the index drop to the level of 3765, as I mentioned earlier.

If you didn’t see my analysis yesterday, you can check it out here.

What today:

S&P500 (ES1!) on the charts today: Today, at the market open, I expect the index to make its last attempt to rise to the level of 4095. However, the critical level today will be 3970-3990. If the index reverses at this level, it will be a signal for a decline, as there are many orders from experienced speculators who want to bring the index down to 3765-3730. But if the speculators’ attempt is broken, we will see a sharp rise in the index.