SP500 Technical Analysis ES1! futures S&P 500 Index 4-5-23
Today’s Market Overview:
Today the S&P500 (ES1!) is trading at 4121.
Yesterday, we saw the market begin to undergo a correction, which is important to note was triggered by the actions of speculators who tried to close their positions on negative news. At the moment, this is nothing more than a minor profit-taking.
Globally, the market remains positive and is moving towards the 4310 level. However, we need to take a step back and wait to see where the market is currently heading.
As I mentioned a few days ago, if the correction develops from these levels (4164-4196), we should expect a minor pullback of the index to the 4100-4070 range, where large players will likely attempt to open new long positions.
If you didn’t see my analysis yesterday, you can check it out here.
What to expect today:
Today, at the market’s opening, I anticipate the index will attempt to drop to the 4100-4070 level, where we will see entries from major players. Stay cautious and keep an eye on the market movements for potential opportunities.
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