SP500 Technical Analysis ES1! futures S&P 500 Index 4-13-23
Today’s Market Overview:
Today the S&P500 (ES1!) is trading at 4124.
Yesterday, at the market opening, we saw the index rise and then further stabilize with high volatility, which I mentioned to you earlier. However, the volatility was higher than I expected, but that doesn’t change anything. Currently, the market has all the chances to continue a sharp upward surge, with the key level still being 4100.
As I mentioned in my earlier post, the 4070 level remains relevant in the market, and many major players will try to increase their positions from this level. However, it is now perceived as a hypothesis in the market. Many speculators didn’t get a chance to open their positions yesterday and will try to do so from the 4157 level, just like a few days ago.
Overall, the market remains positive, and a sharp index rise is possible, but this growth will be mainly based on positive news and will have a momentum-based nature. It will force speculators to abandon their plans and let the market grow.
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 stabilization and then drop to the 4115-4100 level. After that, the index will try to grow to the 4157 level, where there are a large number of orders from speculators looking to trade down to 4070. However, if their attempt to bring the index down to this level is broken, we will see a further sharp rise in the index to the 4232 level.
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