SP500 Technical Analysis ES1! futures S&P 500 Index 5-11-23
Today’s Market Overview:
Yesterday, at the beginning of the trading day, we observed a sharp increase in the index, which started from the 4120 level I had previously mentioned. However, the 4120 level itself was not reached. At present, I have an understanding of the reasons for such a sharp increase in the index, as well as why the index didn’t reach the 4180 level in the first half of the day.
However, whatever the true reasons for such market behavior in the first half of the day, it does not negate the fact that major players placed their orders at the 4115-4120 level, which I mentioned earlier. It was the entry and holding of this level that allowed the market to turn around sharply and continue to grow. I discussed the reasons for this market behavior a few days ago.
I hope that some of you were able to open long positions from the 4115-4120 level, which I also mentioned earlier. But if you were one of those who didn’t open their positions and missed this signal, I recommend you to like this video and subscribe to my channel to find the right market entry points in the future. Turn on the bell notification – it’s the best decision you can make right now.
Now let’s discuss what awaits us in the near future. First of all, we need to see where major investment companies and banks have placed their orders today. As I mentioned yesterday, the market is range-bound between the 4115 and 4180 levels. And today’s main trading will be focused on these levels.
If you didn’t see my analysis yesterday, you can check it out here.
What to expect today:
Today at market opening, I expect the index to try to stabilize and drop to the 4140 level, after which an attempt will be made to raise the index to the 4180 level and above. However, if this growth attempt is thwarted, we will see a sharp drop in the index to the 3980 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.
