SP500 Technical Analysis ES1! futures S&P 500 Index 5-24-23
Today’s Market Overview:
Yesterday at the market opening, we observed the index making a slight attempt to rise, which I had mentioned to you earlier. However, this attempt was interrupted, and we witnessed a further sharp decline of the index. At the same time, the level of 4175, which I expected, was ignored. Experienced speculators, noticing that the index did not reach 4215, withdrew their purchase orders. As a result, a moment occurred in the market when there were no buyers. This is the reason why the index continues to decline.
Now, I expect that the correction, which began yesterday, will continue its course today and reach its lowest point at a level below 4100, somewhere around 4095. This is where major purchase orders are located today.
However, in the near term, I assume that the index will attempt to stabilize and rise to the level of 4140, after which we will face another attempt to drop below the level of 4100.
If you didn’t see my analysis yesterday, you can check it out here.
What to expect today:
Today, I am publishing my review a bit later due to the negative market situation. However, during the trading day, I expect the index to attempt to stabilize and rise to the level of 4140, after which it will continue its decline to the level of 4095-4070, where we should look for opportunities to open long positions.
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