SP500 Technical Analysis ES1! futures S&P 500 Index 4-28-23
Today’s Market Overview:
Yesterday at the market opening, we witnessed the index rise to the 4110 level, which I mentioned earlier. As I said, experienced speculators made a final attempt to push the market down at the 4110 level; however, this attempt was thwarted. Afterward, the speculators were forced to exit the market, causing a significant increase in the index.
As I’ve been saying for the past 2-3 months, the global market remains positive overall, and the index is moving towards the 4260-4310 range. It’s important to note that, thanks to yesterday’s index growth, my positions opened from the 4075 level remain relatively safe.
I am now convinced that we need to seek opportunities to increase our long positions during index pullbacks. Throughout the upcoming week, we will be looking for chances to grow our positions during market pullbacks.
Now, let’s discuss the market from a medium-term perspective. As I mentioned, I expect the index to move towards the 4310 level. However, the nearest pullback will likely be around the 4110-4085 levels, and if the index drops to this level, I recommend looking for opportunities to increase your positions. This is where major investment funds will be increasing their positions, and it is also of great interest to experienced speculators.
If you didn’t see my analysis yesterday, you can check it out here.
What to expect today:
As for today, at the market opening, I expect the index to attempt stabilization following yesterday’s sharp movement. Nevertheless, there remains potential for a significant increase in the index up to the 4180, 4205 level.
We should also keep an eye on the 4110-4085 level, where we need to look for opportunities to open long positions.
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