SP500 Technical Analysis ES1! futures S&P 500 Index 5-19-23
Today’s Market Overview:
Yesterday at the market opening, we saw the index attempt to stabilize, after which it continued to rise. The market growth was very energetic and showed good dynamics. As I mentioned in yesterday’s review, the index is moving towards the 4203-4015 level. However, in fact, by the end of the working day, the index rose slightly higher to the 4220 level.
Currently, I expect this trend to continue, and the index will reach a level around 4245. After that, a slight stabilization will begin due to profit fixation.
However, the impulsive growth that we have observed over the past two days suggests that the index is moving towards the 4310 level and higher, which I have mentioned many times before. It is in this area that I expect an attempt to reverse the index with a subsequent sharp decline. There are currently hypotheses on the market that the index can reach its peak at a level above 4500, somewhere around 4520.
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 rise to the 4245 level. After that, we will see the index movement stabilize and profit fixation, with a subsequent minor correction to around the 4220 level.
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