S&P 500 Futures - change of behavior with these telltale signs
20 Apr 2020 recap - Despite S&P 500 futures (
ES1!) dropping 63 points, it is still above 2800 support level. Yet there are some of telltale signs as shown below provide a red flag to me that there is a change of behavior in S&P 500 futures, suggests the up swing could at least be stopped for now with possible reaction to test the supports at lower levels.
In my previous post, I have mentioned shortening of the upward thrust and up wave in both daily and H4 charts, suggests the losing momentum in S&P 500. The up thrust movement (i.e. only temporary commit above 2845 and quickly fall back) created in the past 3 trading days coupled with somewhat climatic action in 17 Apr plus a break down of the channel in H4 timeframe coincides with support level 2800 (unfolding as of writing this post).
The above telltale signs convince me that there is a change of behavior in S&P 500 futures, which means that the inch up movement might be ending soon. A break below 2750 support level should signify a change of character for S&P 500 to start a down move to test the support on the lower levels.
Bias - down
Key levels - Resistance: 2800, 2850 Support: 2750
Potential setup - look for a test of 2800–2810 to short upon rejection with a target at 2772, 2750 or lower. Stop loss at 2825.
ES1!) dropping 63 points, it is still above 2800 support level. Yet there are some of telltale signs as shown below provide a red flag to me that there is a change of behavior in S&P 500 futures, suggests the up swing could at least be stopped for now with possible reaction to test the supports at lower levels.In my previous post, I have mentioned shortening of the upward thrust and up wave in both daily and H4 charts, suggests the losing momentum in S&P 500. The up thrust movement (i.e. only temporary commit above 2845 and quickly fall back) created in the past 3 trading days coupled with somewhat climatic action in 17 Apr plus a break down of the channel in H4 timeframe coincides with support level 2800 (unfolding as of writing this post).
The above telltale signs convince me that there is a change of behavior in S&P 500 futures, which means that the inch up movement might be ending soon. A break below 2750 support level should signify a change of character for S&P 500 to start a down move to test the support on the lower levels.
Bias - down
Key levels - Resistance: 2800, 2850 Support: 2750
Potential setup - look for a test of 2800–2810 to short upon rejection with a target at 2772, 2750 or lower. Stop loss at 2825.
Find Out the Top 3 Unknown Stocks Ready to Soar: Click my website below
פרסומים קשורים
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.