SP500 Technical Analysis ES1! futures S&P 500 Index 5-02-23
Today’s Market Overview:
Yesterday, we saw the index reach the 4205 level, which I had mentioned earlier. Following that, a market correction began, which continues to the present time. If you missed my market review yesterday, where I talked about the reversal at the 4205 level, you can find it on my channel.
Currently, the relevant levels are 4230 and 4260, which I also mentioned a few days ago. If you want to understand my trading logic, visit my website and read the FAQ section – the link is in the description.
Right now, the market is between two key levels – 4230/4260 and 4150. The 4150 level is notable for the large number of speculators looking to increase their positions. At the same time, major investment funds tend to lock in their profits at the 4230-4260 level or look for opportunities to increase positions at the 4110 level, using averaging logic. Thus, two levels remain active – 4230-4260 and 4150-4110.
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 attempt to drop to the 4150 level, where a large number of orders from experienced speculators are concentrated. They will try to push the index up along with investors to the 4230-4260 level.
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