SP500 Technical Analysis ES1! futures S&P 500 Index 5-03-23
Today’s Market Overview:
Yesterday, during the first half of the day, we observed the index dropping to the level of 4110. Although I expected the index to attempt to go below the 4150 level, the sharp decline surprised me. Generally speaking, yesterday’s 4150 level was ignored by speculators.
As we saw yesterday, the 4110 level became the main one, as large investment funds placed their orders there, I mentioned this earlier. However, today, these investment funds have withdrawn their orders from the market and lowered them to the 4095 level, allowing the market to potentially drop even further. Today, the 4095 level seems to me like a good place to try and open positions if you missed the opportunity to do so.
If you didn’t see my analysis yesterday, you can check it out here.
What to expect today:
During today’s trading day, I expect the index to attempt to drop to the 4095 level before continuing its growth. However, if this attempt is broken, we will see the growth continue towards the 4230 level.
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