SP500 Technical Analysis ES1! futures S&P 500 Index 5-08-23
Today’s Market Overview:
In the last trading session, which took place on Friday, we saw a sharp increase in the index I mentioned earlier. I also told you that the index’s growth was expected to be in the 4130-4150 range. It was precisely this growth, but more energetic, that we saw last Friday. And for some of us, it brought good profits. However, the number of participants in this growth was larger than I had anticipated earlier.
Now, experienced market participants have adjusted their expectations due to the large number of traders involved. The current market situation looks like this: experienced speculators are ready to trade downwards. However, they have adjusted their targets and have now placed their orders at the 4180-4200 level.
Let’s now look at the market from a medium-term perspective.
Right now, large companies and major market players must make a single decision about the need to liquidate part of their positions for funding. The most favorable situation for them would be a continuation of growth. However, for experienced speculators, the continuation of growth is not a necessity; they are more interested in profiting from the volatile system. That’s why the 4180-4195 level, possibly up to 4200, will be the most critical for the market in the next two weeks. If speculators manage to turn the market around at this level, we will see a further decline in the index to below 4000, which I talked about a few days ago. However, if this attempt is broken, we will see a sharp continuation of growth to the 4310 level.
If you didn’t see my analysis yesterday, you can check it out here.
What to expect today:
Today, at the opening of the market at the beginning of the trading day, I expect the index to attempt stabilization and rise to the 4180-4195 level. This is where large experienced speculators have placed their orders. After that, they will try to lower the index to the 4000 level. However, if this attempt is broken, we will see a sharp increase in the index to the 4260-4310 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.
