Analysis of the S&P 500 (ES1!) index 01-31-23
What’s on the market now:
Today index S&P500, (ES1!) is trading at 4018. As I said yesterday, the index is now in a slight correction. In yesterday’s review, we saw a rise to 4080 and a sharp fall behind it, which I mentioned earlier. Today, the downward trend will continue. However, today I expect to go lower than 4010 and reach its day at 3986-3976. Globally, the market remains positive. We need to look for an opportunity to open long positions in this correction.
If you haven’t seen yesterday’s index analysis, you can check it here.
What today:
Today at the open of the market, I expect Index to try to stabilize, but then continue its decline to the level of 3986-3976. At this level, we need to look for an opportunity to open long positions.
Level 4020-4015 is no longer relevant for long positions. The big players have withdrawn their buy orders and the speculators’ stops are much lower, mostly below the 3990 level. Therefore, the right decision today will be to try to open long positions on the stops of speculators and inexperienced players.
Here are my trading recommendations for today 01-31-23
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 3986-3976 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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