Analysis of the S&P 500 (ES1!) index 02-1-23
What’s on the market now:
Yesterday we saw a sharp reversal in the market from the 4008 level. Although I expected a reversal from this level and a move up to the 4055-4064 level, but the Sharp rise to 4090 surprised me. As I said earlier, globally, the market is going up to the level of 4300, but now the market still has the possibility of the index moving to the level of 3965.
At the level of 3965, I will look for new opportunities to open long positions. The current growth looks too optimistic for me. Although the market is ready for a sharp increase. But usually, experienced players punish such emotional traders. Therefore, be careful, buy on pullbacks.
If you haven’t seen yesterday’s index analysis, you can check it here.
What today:
Today, at the opening of the market, I expect that the index will try to drop to the level of 4050. Where the Fed’s decision will obviously be published. After that, I expect an attempt at a sharp fall to the level of 3965. As I said earlier, this level should be looked for new opportunities to open long positions. However, if this fall attempt is broken. A sharp rise in the index to the level of 4160 and above is expected. Against the backdrop of a positive decision by the Fed.
Here are my trading recommendations for today 02-1-23
What I recommend:
- If you want to open a short position:
Short positions are prohibited, limit your losses
- If you want to buy:
Long positions are possible from 3965 level, limit your losses
- If you are not in the market:
If you’re out of the market. Then you need the perfect price to trade. Long positions possible on pullbacks from 3986-3976, limit your losses. If you want to open a short position, then it is better to do it from the level of 4310. Limit your losses.
Please note that my S&P 500 ES1! analysis is current as of the publication date. In fact, I am arguing that the analysis is correct only at the time of its publication and may be incorrect even a few hours after its publication. This is due to the fact that I analyze the trading volumes that are on the exchanges, and therefore it makes sense for you to follow me on Twitter. Or join my telegram trading channel.
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