The index is poised to rise to the level of 4075-4095, awaiting the decision of the Federal Reserve.

SP500 Technical Analysis ES1! futures S&P 500 Index 3-22-23

What’s on the market now:

Today the S&P500 (ES1!) is trading at 4032.Yesterday at the market opening, we saw a slight correction that I had mentioned earlier; however, I expected it to be somewhat deeper. As I told you before, the index is moving towards the 4075-4095 level. However, the movement to this level will be accompanied by small corrections, like the one we witnessed at the market opening yesterday. In terms of market conditions, there are currently many players in the market who are trading upward. Therefore, I have no reason to anticipate any negative scenarios. The key level remains at 4095, where most players will begin to lock in profits, which may potentially cause the index’s movement to stabilize and undergo a minor correction. This is the level I’ve been discussing for the past week.

If you didn’t see my analysis yesterday, you can check it out here.

What today:

S&P500 (ES1!) on the charts today: At today’s market opening, I expect the index to attempt to drop to the 4005 level, after which it will likely reverse and grow to the 4095 level. However, if this growth attempt is broken, we’ll see a further decline in the index to the 3735 level, as this level is still relevant, although it seems like an unlikely scenario. Currently, the market has all the prerequisites for a strong growth.