SP500 Technical Analysis ES1! futures S&P 500 Index 3-24-23
What’s on the market now:
Today the S&P500 (ES1!) is trading at 3951.
Yesterday, at the market opening, we witnessed together how the index rose rapidly to the level of 4020- 4035, which I mentioned earlier. As I predicted, experienced speculators made significant trades at this level. However, it was precisely these experienced speculators who first recognized the importance of this minor level and quickly began selling.
Traders and investors did not expect such a turn of events, and they are now in a state of confusion. The complexity of the current situation lies in the fact that these groups are placing different orders at different levels, thereby creating a market on both sides.
If we talk about the levels today, I can identify two important levels. The first is at 4000, where there are orders to close emotional short positions that were opened yesterday by inexperienced traders. The second important level for today will be 3890-3920, at which experienced speculators will be fixing their profits.
What today:
S&P500 (ES1!) on the charts today:
Today, at the market opening, I expect the index to attempt to stabilize and rise to the level of 3990-4000. At this level, there are also a significant number of orders from speculators who will continue selling, with their target still being 3730. However, if this attempt is unsuccessful, we will see the index drop to the level of 3920-3890.
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