SP500 Technical Analysis ES1! futures S&P 500 Index 3-8-23
What’s on the market now:
Today the S&P500 (ES1!) is trading at 3991. Yesterday we saw the price move towards the target zone at the level of 4010, which I mentioned earlier. Where we saw an attempt to reverse the index. However, this attempt was very weak. As a result of this weak attempt, we saw a further decline. As I said earlier, now the market is in the stage of profit taking.
Currently, I expect the market to make one last attempt lower before we see another reversal attempt in the index.
If you didn’t see my analysis yesterday, you can check it out here.
What today:
Today at the open of the market, I expect the market to make another attempt to lower to the level of 3958. At this level, there are a large number of experienced speculators who will try to reverse the market and start a new trend. However, if this attempt is broken, we will see the index drop to the level of 3887.
Yesterday’s failed attempt to reverse the index at the level of 4010.
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