SP500 Technical Analysis ES1! futures S&P 500 Index 4-11-23
Today’s Market Overview:
Today the S&P500 (ES1!) is trading at 4145.
Yesterday, during the trading session, we saw the index perform a somewhat unlikely, but anticipated trading miracle. Specifically, it reversed from the 4110-4106 level I mentioned earlier. As I told you before, at the 4110-4106 level, many mid-term investors will try to buy again, and that’s happening right now. We can already see this on the charts. Many experienced trading houses think differently than small, inexperienced speculators.
However, as we know, the market is a place where the interests of many players meet, and we shouldn’t forget about professional speculators who are ready to fight at the 4157 level, or something close to it. This level, which we identified a few days ago, might become critically important today, so we need to pay extra attention to it.
But if experienced speculators’ attempt to reverse the market at the 4157 level is broken, we will see a sharp continuation of the index’s growth up to the 4310 level I mentioned earlier.
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 4130 level, temporarily stabilizing its growth. However, after that, we’ll see a new attempt to continue the index’s growth to the 4220 – 4230 level, with the 4157 level becoming a very important point. This is where large selling volumes are located, both from mid-term investors and professional speculators’ orders. Pay attention to the 4157 level.
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