SP500 Technical Analysis ES1! futures S&P 500 Index 4-19-23
Today’s Market Overview:
Yesterday, we saw the index make a very dubious and weak attempt at growth, which was broken in the second half of the day. The main reason for this market behavior, of course, is due to company reports. In these reports, we see very modest revenues for the first quarter. This is precisely why investors and speculators are not ready to buy. And currently, there is no consensus in the market.
However, my views on the market remain positive. Although we now see the index reversing and heading towards the 4070 level, I continue to anticipate growth. If we talk about possible growth, I am confident that if growth occurs, it will be sharp and explosive in nature.
With this outlook, I continue to await the 4310 level, but my current trading strategy is to attempt to increase positions from the 4070 level.
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 try to drop to the 4140-4125 level, after which it will make another attempt at growth. However, if this attempt is broken, we will see a further sharp decline in the index to the 4080 – 4095 level. Here, we will need to look for new opportunities to open long positions.
It is also important for us to remember that there are currently opportunities for a sharp rise in the index to the 4250 level, and this option is still on the table for us.
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