SP500 Technical Analysis ES1! futures S&P 500 Index 4-21-23
Today’s Market Overview:
Yesterday at the market open, we saw the index attempt to stabilize its movement at the 4140 level, after which the index tried to grow. However, this growth attempt was very weak. Yesterday, as well as a few days ago, I mentioned that if this index reversal attempt is broken, we would see a further sharp decline in the index to the 4095 level and below.
Today, we will witness this scenario unfold. Unfortunately, the market correction is intensifying, and we will see its development today. Speculators intend to push the index down to the 4095-4070 level, as I mentioned earlier.
However, this decline in the index will provide us with a new buying opportunity. We need to look for new opportunities to increase our positions around the 4095-4070 level.
If you didn’t see my analysis yesterday, you can check it out here.
What to expect today:
Today at the market open, I expect the index to make a small growth attempt in the first half of the day. However, after that, we will see a sharp decline in the index to the 4110 level. There, a minor stabilization will likely begin, followed by a gradual decline in the index to the 4095-4070 level.
We will see the full completion of the correction next week.
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