SP500 Technical Analysis ES1! futures S&P 500 Index 5-17-23
Today’s Market Overview:
Yesterday at market open, we saw the index drop to the 4130 level, after which the index movement started to stabilize, a trend I previously mentioned. Also, in the first half of the day, we observed very high volumes trading in the market.
Currently, the market is undergoing stabilization. Right now, the market is making its last attempts to lift the index to the 4195 level, which I previously mentioned. However, I also noted that if this growth attempt fails, we will see a further sharp decline of the index to a level below 4000.
Now, let’s talk about the medium-term outlook. In this perspective, there is a high chance for the index to drop below 4000, something I’ve been talking about for the past week. However, the market is still in a growth phase and is actually trying in the last two to three days to make a final attempt to raise the index to the 4195 level and above. If this attempt proves successful, we’ll see the index continue to grow. But if it fails, we’ll see a sharp drop in the index to 4000 or lower. The situation has remained the same for the past 7-8 days. But last week, the market offered several good opportunities to open short positions.
If you didn’t see my analysis yesterday, you can check it out here.
What to expect today:
At market open today, I expect the index will attempt to rise to the 4150 level. However, experienced speculators will be trying to short from the 4150 level. This is where a large number of short opening orders from experienced speculators are located today. If they manage to flip the market, we’ll see a sharp drop in the index. However, if their attempt fails, we’ll see a sharp rise in the index to the 4195 level. This is because, in this case, speculators are likely to withdraw their orders, leading to a situation where there are no new sellers in the market. This will allow the market to sharply rise to the 4195 level.
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.
