Check out the video above for a detail walk through of today's analysis of S&P 500 futures.
S&P 500 futures (
ES1!
) started to lose momentum since the uptrend from the bottom formed in 23 Mar 2020, as shown in the chart. It attempted to break above 2880, which is a strong resistance coincides with the overbought line from the channel.
The up wave and the upward thrust are getting shorter as shown in the H4 chart. Excessive supply has not been manifested. Despite the red flag of fading momentum, the uptrend is still intact.
It is still too early to call for a reversal of the current uptrend. S&P 500 index is expected to travel within the channel since 9 Apr 2020 until is is violated.
A break above the resistance 2880 should S&P 500 heading towards 2980.
Bias - up, at a slower pace.
Key levels - Resistance: 2880–2900 Support: 2800, 2750
Potential day trading setup - look for a test of the previous day high (or non-RTH high) 2871–2875 to initiate a short entry after a reversal of the trend in the smaller timeframe.
S&P 500 futures (
ES1!
) started to lose momentum since the uptrend from the bottom formed in 23 Mar 2020, as shown in the chart. It attempted to break above 2880, which is a strong resistance coincides with the overbought line from the channel. The up wave and the upward thrust are getting shorter as shown in the H4 chart. Excessive supply has not been manifested. Despite the red flag of fading momentum, the uptrend is still intact.
It is still too early to call for a reversal of the current uptrend. S&P 500 index is expected to travel within the channel since 9 Apr 2020 until is is violated.
A break above the resistance 2880 should S&P 500 heading towards 2980.
Bias - up, at a slower pace.
Key levels - Resistance: 2880–2900 Support: 2800, 2750
Potential day trading setup - look for a test of the previous day high (or non-RTH high) 2871–2875 to initiate a short entry after a reversal of the trend in the smaller timeframe.
Find Out the Top 3 Unknown Stocks Ready to Soar: Click my website below
