SP500 Technical Analysis ES1! futures S&P 500 Index 3-23-23
What’s on the market now:
Today the S&P500 (ES1!) is trading at 3990. Yesterday, we saw a sharp movement in the index towards the anticipated target zone of 4075-4095, which I mentioned earlier. As expected, profit-taking occurred in this target zone, resulting in a rapid closing of positions triggered by experienced traders locking in their gains.
Unfortunately, yesterday’s Federal Reserve decision did not contribute to a positive market sentiment, opening up new opportunities for the index to decline to the 3730 level, which I’ve been discussing for the past week. Now, this scenario is becoming increasingly likely, with the key level being 4020-4035.
If you didn’t see my analysis yesterday, you can check it out here.
What today:
S&P500 (ES1!) on the charts today: Today at the market opening, I expect the index to attempt a rise to the 4020-4035 level, which is critically important for the market. Many experienced speculators will try to open their short positions with a target level of 3730. However, if this attempt is thwarted, we will see a sharp increase in the index to the 4100 level and higher.
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