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SPX (S&P 500 Index)

Weekly Outlook - 27/04/2024Last week brought huge earnings reports for some of the big US tech companies, with mixed reactions. We saw META lose 7% during the previous week after a great earnings report, and Alphabet (GOOG) soaring 10% on Friday. Next week, we will see earnings from Amazon (Tuesday) and Apple on Thursday as well as other large cap earnings reports. Will the market be pricing in higher earnings off the back of last week's form? First, let's observe the broader markets... S&P 500 SPX looks to have created a bearish break of structure. I am anticipating a retrace into the pattern, at approximately $5,200 (around a 2% up move), at which point, the price may look to reverse to the downside. We can find confirmation for this on the RSI, where the momentum, which was holding at ~40, was broken and bulls are clearly losing power for the time being. DXY The DXY (or dollar index) is inversely correlated to the S&P 500. To put it simply: dollar goes up; stocks go down, and vice versa. In this image, you can see that the DXY has broken down from the highs and is looking to retrace. We have already seen a throwback into the consolidation pattern, and are now looking for the dollar to retrace...thereby adding confluence to the fact that stocks will see a rise in the early days of the week AAPL For AAPL, it is simple. A break below $165.67 would cause a major impulse to the downside, targetting ~$149.50. However, with current momentum, what I believe is more likely is a retrace to between $186 and $191 (an increase of nearly 10% and 13% respectively). For this to happen, a clean break of the swing high at 178.36 would need to occur. That's all for this market outlook. In conclusion, I am looking for a declining dollar and rising stocks in the early part of next week. Let me know what you think. Cheers
SP:SPX
by joshuashepherd877
The market is growing emotionalYesterday’s financial print in the United States revealed a notable decrease in the GDP growth rate on a quarterly basis, coming down from 3.4% in 4Q23 to only 1.6% in 1Q24. This figure was well below market expectations of 2.5%, which spooked investors and led to a sudden drop across U.S. stock market indices. Nevertheless, by the market close, the SPX recovered all of its losses and staged a rally following the announcement of Alphabet and Microsoft’s earnings in the aftermarket. Both companies reported good results, seeing revenues and net income rise by significant percentages on an annual basis. Amid Alphabet’s plans to conduct a share buyback worth $70 billion and pay the first dividend ever to its investors, the company’s shares rose by more than 12%. Meanwhile, the reaction to Microsoft’s results was more subdued, with shares soaring slightly more than 2%. However, despite stocks soaring after the closing bell, the continuous S&P 500 E-mini Futures showed that the price failed to break above the 20-day and the 50-day SMA, which just recently produced a bearish crossover; both of these moving averages continue to act as important resistance levels. In addition to that, although RSI, MACD, and Stochastic reversed to the upside on the daily chart (after the preceding weakness in stocks), they are not necessarily outright bullish yet. The overall picture is mixed. Illustration 1.01 Illustration 1.01 depicts the 1-minute chart of the ES1! (S&P 500 E-mini Futures). Yellow arrows highlight the time of financial print release and earnings announcement. Illustration 1.02 The illustration above shows the daily graph of the ES1! (S&P 500 E-mini Futures) and two simple moving averages, the 20-day SMA and the 50-day SMA. The yellow arrow indicates a bearish crossover between the 20-day SMA and 50-day SMA, a typically bearish sign. One interesting thing to note here is that despite the broader market rising after the big earnings announcement after the closing bell, the ES1! has not broken above the mentioned moving averages. Technical analysis gauge Daily time frame = Bearish (turning neutral) Weekly time frame = Bearish *The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of multiple indicators. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.
SP:SPX
by Tradersweekly
Trading Plan for Friday, April 26th, 2024Trading Plan for Friday, April 26th, 2024 Market Sentiment: Uncertain, with bulls maintaining short-term control but facing the after-hours earnings event, which could bring sudden volatility. Key Supports Immediate Supports: 5067, 5058 (major), 5048 Major Supports: 5036-33 (major), 5010 (major), 4996-5000 (major), 4935-40 (major), 4904-08 (major) Key Resistances Near-term Resistance: 5080-82 (major), 5092 (major), 5108 (major), 5126-29 (major), 5145-50 (major), 5177-81 (major) Major Resistances: 5222, 5243-46 (major), 5272 (major) Trading Strategy Earnings Volatility: Be prepared for unpredictable price action and adjust your strategy in real-time. Trading the Range: Expect price to play within the broad 5036-5126 range. Exercise caution and consider bids/shorts within the range rather than chasing direction. Long Opportunities: Look for failed breakdowns at 5067 or 5058 after earnings. Focus on bids cautiously within the range, prioritizing the knife-catch protocol for deeper longs at major levels. Short Opportunities: Look for backtests of 5126-29, 5145-50, or the major 5177-81 zone if reached. Given earnings, approach shorts very cautiously. Profit-Taking: Use level-to-level profit-taking on any position taken, given the increased volatility risk. Bull Case Holding Support: Defending the current 5036-33 major support is critical. Reclaiming Resistances: Bulls need to push above the 5108 zone for a potential run to the next major target areas of 5126-29 and 5145-50. Bear Case Breakdown Signals: A convincing break below 5036 triggers the downside move. As always, be wary of traps – look for a bounce/failed breakdown first, then consider shorting with level-to-level profit-taking. News: Top Stories for April 26th, 2024 Economic Environment March PCE inflation report and its impact on the Fed's policy decisions. Apollo Global's acquisition of US Silica and implications for the materials sector. Stock Market Updates Mixed signals from global markets amidst geopolitical tensions. Bank of Japan's interest rate policy. Global Market News Market response to various corporate earnings and announcements. Additional Market News Bond market dynamics and potential interest rate cuts. Gold's performance and investment implications. Currency market updates and the impact of the Bank of Japan's actions. Additional Market Insights and News Economic Indicators and Outlook US GDP and Economic Growth: Analysis of the latest GDP report and its implications for growth trends. Corporate Earnings Outlook: Forecasts for 2024 and sector-specific performance expectations. Inflation and Interest Rates: Understanding the relationship between inflation, Fed policy, and corporate earnings. Labor Market Dynamics: Assessing the health of the labor market and its impact on consumer spending and corporate profitability. Technological Advancements and Market Shifts Generative AI and Business Transformation: How is GenAI impacting decision-making and efficiencies in various industries. Quantum Computing and Competitive Edge: Exploring the potential of quantum computing in various sectors and its implications for competitive advantage. Sustainable Technology Initiatives: The increasing focus on green technologies and the integration of sustainability with innovation. Industry Cloud Platforms (ICPs): Examining the adoption of ICPs and their role in accelerating digital transformation. Reminder: The after-hours earnings events introduce major volatility risk. Prioritize risk management and adapt your trading strategy accordingly.
CME_MINI:ESM2024Long
by spytradingpro
S&P500 Quick buy trade.The S&P500 is approaching the 1D MA50 (red trend-line) to test it as a Resistance for the first time after the April 15 bearish break-out. It has already broken above the Bearish Megaphone, the 4H RSI has formed a Channel Up similar to the price action's and so far this sequence of events is fairly identical to the previous correction of August 2023. That sequence almost touched the 0.786 Fibonacci retracement level before pulling back again, so we have ourselves a solid short-term bullish target. In fact we are placing ours a little lower at 5150, which represents a +4.70% rise from the bottom as that is not only the % rise that the August 2023 rebound returned but will also make contact with the 4H MA200 (orange trend-line). ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
CAPITALCOM:US500Long
by TradingShot
1
S&P Bears are strong but Bulls still have a chanceLast week, sellers firmly controlled the market. Buyers attempted to defend March's low, but the bears left them no chance. Prices consistently declined for six consecutive days, with the futures chart ( CME_MINI:ES1! ) appearing even more bearish. We are now approaching a critical juncture, which presents a significant opportunity for buyers to take a stand. The daily RSI is nearing an oversold condition, and simultaneously, the price is approaching the SMA100 alongside a horizontal support level ( 490 ) from the February consolidation. There is no absolute certainty that buyers will seize this opportunity, but we should closely monitor the price action next week. Although sellers have demonstrated their strength, we are still in a weekly uptrend, and trends do not end easily unless there is a radical shift in sentiment. Despite negative news in recent weeks, nothing has emerged as critically detrimental yet. However, this could change, so we must regularly reassess the situation as new information becomes available. The short-term outlook remains bearish, but this could change depending on how the price reacts to these support levels. Disclaimer I don't give trading or investing advice, just sharing my thoughts.
AMEX:SPYShort
by hermes_trisme
$SPY Does it Need a Bigger Correction?I have zoomed out to larger timeframes on AMEX:SPY to come up with some larger / longer timeframes. Here is what I started with; the weekly chart (shown) then zoomed out to the Monthly Chart (not shown) to draw the February 2009 trendline. I came back to the weekly to find the March 2020 trend. I then looked that the latest run starting in October 2023. That trend line is almost parabolic and was unsustainable. I am not making any prediction here, but it would be prudent to have a plan for a larger correction. I have horizontal lines near the top of the chart that were drawn using the daily chart and it is possible that one of them (or none) could be support areas. It is all to be determined. Keep an open mind. Corrections can happen in price or time or a combination of both. I would like to point out that on any of the charts that I post I am only correct about 50% of the time. My posts are more about self-accountability than anything else. However, I do hope that you find some value in the technical aspect of the posts. Thanks for looking.
AMEX:SPY
by jaxdog
Trading Plan for Thursday, April 25th, 2024Trading Plan for Thursday, April 25th, 2024 Market Sentiment: Uncertain, with bulls maintaining short-term control. Key Supports Immediate Supports: 5088-92 (major), 5082, 5077 (major), 5067 Major Supports: 5054-57 (major), 5033-36 (major), 5005-10 (major), 4966 (major) Key Resistances Near-term Resistance: 5104 (major), 5115-20 (major), 5133-36 (major), 5171-75 (major) Major Resistances: 5191 (major), 5225, 5240-45 (major) Trading Strategy Trading the Chop Zone: The 5088-5115 range is currently a choppy, congested zone. Exercise caution with overtrading and consider sniping within the zone over chasing direction. Long Opportunities: Look for failed breakdowns at 5088-92 or 5077. After earnings, focus on bids cautiously within the range, prioritizing the knife-catch protocol for deeper longs at major levels. Short Opportunities: Look for backtests of 5115 or the major 5171-75 zone if reached. Given earnings, a breakout of the current flag pattern is possible and could be considered, but use caution. Profit-Taking: With Meta earnings, use level-to-level profit-taking on any position. Bull Case Holding Support: Defending the current bull flag structure (5088-5115) is critical. Look for a base building within this range or a breakout. Reclaiming Resistances: Bulls need to push above the 5133-36/5155 zone for a potential run to the next major target, 5171-75. Bear Case Breakdown Signals: A convincing break below 5077 triggers the downside move. As always, be wary of traps – look for a bounce/failed breakdown first, then consider shorting with level-to-level profit-taking. News: Top Stories for April 25th, 2024 Earnings Releases Meta Earnings: Reports weak revenue guidance, drops 16%.
CME_MINI:ESM2024Long
by spytradingpro
Earnings season produces wild movesAfter the closing bell on Tuesday, Tesla reported its earnings for the first quarter of 2024. Despite the report showing a 9% YoY decline in total revenue and a staggering 55% YoY drop in net income, along with an increase in operating costs by 37% YoY, shares of the company soared more than 12% in the aftermarket. The price action, however, was not the same for Meta Platforms, which delivered much better results yesterday, with revenue growing by 27% YoY, net income by 117% YoY, and operating costs by 6% YoY; yet, the company’s shares plummeted more than 15% following the announcement. While trying to wrap our heads around these moves, we would like to point out the double divergence forming on the monthly graph between the price and RSI, shown in Illustration 1.01. In addition to that, we would want to highlight an impending bearish crossover between the 20-day SMA and the 50-day SMA, both of which currently act as crucial resistance levels. If the SPX breaks and maintains ground above them, it will be positive, but if the SPX fails, it will be slightly worrisome. Besides that, another spike in the VIX will also be concerning. Today, there are several important data releases, including jobless claims, GDP growth rate, wholesale inventories, and pending home sales. Furthermore, several big names are reporting their earnings, most notably Alphabet and Microsoft. Illustration 1.01 Above is the monthly chart of SPX and RSI. Yellow arrows indicate the first and the second divergence between the price and RSI. Technical analysis gauge Daily time frame = Bearish Weekly time frame = Bearish *The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of RSI, MACD, Stochastic, DM+-, ADX, and moving averages. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor or any other entity. Therefore, your own due diligence is highly advised before entering a trade.
SP:SPX
by Tradersweekly
Trading Plan for Wednesday, April 24th, 2024Trading Plan for Wednesday, April 24th, 2024 Market Sentiment: Uncertain, with bulls maintaining control after yesterday's rally but price action becoming more complex after a trend day. Key Supports Immediate Supports: 5095-5100 (major), 5082, 5076 (major), 5067 Major Supports: 5056 (major), 5047-45 (major), 5027 (major), 4996-5000, 4966 (major), 4945-49 (major) Key Resistances Near-term Resistance: 5120 (major), 5136 (major), 5171 (major), 5190 (major) Major Resistances: 5220 (major), 5246 (major) Trading Strategy Post-Trend Caution: After a significant move yesterday, be aware of complex price action and increased potential for traps. Prioritize caution over conviction. Long Opportunities: Due to the choppy nature of post-trend days, direct bids are less reliable. Consider bids with a failed breakdown at 5090 (after it's reclaimed) or on major supports (5056, 5046-45). Prioritize the knife-catch protocol for deeper longs. Short Opportunities: Look for backtests of 5136 and particularly 5171 for shorting. A breakdown below 5076 could open up downside targets, with level-to-level profit-taking. Risk Management: Scale back position sizing and be prepared to potentially take some losses while price discovery takes place. Bull Case Holding Support: Defending the 5045 zone is encouraging for bulls. Reclaiming Resistances: Bulls need to push above the 5120/5136 zone for a potential run to the next major target, 5171. Adding on Strength: Breaks and acceptance above 5095, within a bull flag pattern, could offer opportunities for adding to long positions. Observe closely to ensure it's not a backtest for a downside rejection. Bear Case Breakdown Signals: A convincing break below 5045 triggers the downside move, while a short-term failure of 5076 could lead to a dip. As always, be wary of traps – look for a bounce/failed breakdown first, then consider shorting with level-to-level profit-taking. News: Top Stories for April 24th, 2024 Economic Environment IMF Global Financial Stability Report highlights optimism and lingering risks. US Dollar's strength despite expectations of decline. Economic indicators: Focus on upcoming employment report, CPI report, and Bitcoin halving. Stock Market Updates S&P 500 performance: new highs followed by a downturn due to inflation concerns. Additional Market News Boeing's quarterly performance and supply chain stabilization. Reminder: The market is reacting to a mix of earnings reports, economic data, and the critical battle at the 5040 resistance. Prioritize risk management and adapt your trading strategy accordingly. Let me know if you'd like any changes!
CME_MINI:ESM2024Long
by spytradingpro
SPX Will Go Up! Buy! Please, check our technical outlook for SPX. Time Frame: 1D Current Trend: Bullish Sentiment: Oversold (based on 7-period RSI) Forecast: Bullish The market is trading around a solid horizontal structure 4966.93. The above observations make me that the market will inevitably achieve 5113.40 level. P.S We determine oversold/overbought condition with RSI indicator. When it drops below 30 - the market is considered to be oversold. When it bounces above 70 - the market is considered to be overbought. Like and subscribe and comment my ideas if you enjoy them!
SP:SPXLong
by SignalProvider
1
Big earnings this week could pave the way for a reboundThe S&P 500 Index has been edging lower for nearly a month, accompanied by a rise in volatility. From its all-time highs in late March 2024, the SPX has declined about 5.6%, which begs the question of a rebound. Interestingly, this week, several big names, including Alphabet, Meta Platforms, Microsoft, and Tesla, are reporting their earnings for the first quarter of 2024. If these results are generally good, then there is a significant chance that SPX will recover some of the losses. However, if earnings fail to fulfill investors’ expectations and there are notable downgrades to future forecasts, it could spark more fear among investors and rekindle volatility in the market. Illustration 1.01 The picture above shows the daily graph of SPX and two simple moving averages, the 20-day SMA and the 50-day SMA. The yellow arrow indicates an impending bearish crossover between these two moving averages, which represent resistance levels to watch out for in the case of a stock market rebound. Technical analysis gauge Daily time frame = Bearish Weekly time frame = Bearish *The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of RSI, MACD, Stochastic, DM+-, ADX, and moving averages. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor or any other entity. Therefore, your own due diligence is highly advised before entering a trade.
SP:SPXLong
by Tradersweekly
TESLA 130 AFTER EARNINGS !! High Valuation: Tesla’s market capitalization has skyrocketed in recent years, leading some to argue that its current valuation is not justified by its earnings or sales figures. If these critics are correct, Tesla’s stock could be overpriced, and a market correction could be on the horizon. 2. Competition: The EV market is becoming increasingly crowded. Traditional automakers like General Motors and Ford are ramping up their EV production, and newcomers like Rivian are making waves as well. Increased competition could erode Tesla’s market share. 3. Regulatory Risks: Tesla operates in a highly regulated industry. Changes in policies related to EVs, self-driving technologies, or environmental standards could have a significant impact on Tesla’s operations. 4. Production and Delivery Challenges: Tesla has faced criticism for production delays and quality control issues in the past. If these problems persist, they could harm Tesla’s reputation and bottom line.
NASDAQ:TSLAShort
by NYRUNSGLOBAL
Trading Plan for Tuesday, April 23rd, 2024Trading Plan for Tuesday, April 23rd, 2024 Market Sentiment: Uncertain, with bulls and bears battling at key resistance after yesterday's recovery day. Key Supports Immediate Supports: 5040 (major), 5032, 5020 (major) Major Supports: 4996 (major), 4959 (major), 4938 (major), 4903 (major) Key Resistances Near-term Resistance: 5057 (major), 5081 (major), 5102 (major), 5115 (major) Major Resistances: 5129 (major), 5141 (major), 5167 (major), 5186-90 (major) Trading Strategy The 5040 Battleground Continues to be critical. Observe for breakouts or breakdowns with close attention. Long Opportunities: Due to the choppy nature of the 5040 zone, direct bids are less reliable. Consider bids with a failed breakdown at 5032 or on major supports (4959, 4938). Prioritize the knife-catch protocol for deeper longs. Short Opportunities: Look for backtests of 5081 and particularly 5102 for shorting. A breakdown below 5020 could open up downside targets. Profit-Taking: On shorts, consider taking profits entirely at major levels, especially given ES's tendency to short squeeze. Bull Case Holding Support: Defending the 5040 zone is encouraging for bulls. Re-tests and quick recoveries signal buying strength. Reclaiming Resistances: Bulls need to push above the 5081/5102 zone for a sustained recovery attempt. Adding on Strength: Breaks and acceptance above 5057 could offer opportunities for adding to long positions. Observe closely to ensure it's not a backtest for a downside rejection. Bear Case Breakdown Signals: A convincing break below 5020 triggers the downside move, likely targeting 4975 or lower. As always, be wary of traps – look for a bounce/failed breakdown first, then consider shorting with level-to-level profit-taking. News: Top Stories for April 23rd, 2024 Economic Environment US GDP growth and the impact of interest rates on corporate America. IMF projections for global economic growth and inflation expectations. Bond market signals regarding Federal Reserve policy. Market Analysis Upcoming economic data releases: GDP estimate and key inflation measure. Reminder: The market is reacting to a mix of earnings reports, economic data, and the critical battle at the 5040 resistance. Prioritize risk management and adapt your trading strategy accordingly.
CME_MINI:ESM2024Long
by spytradingpro
S&P500: 1D MA100 hit. Short term rebound at least to be expectedS&P500 is bearish on its 1D technical outlook (RSI = 37.601, MACD = -44.800, ADX = 58.528) as it touched the 1D MA100 on Friday after more than 5 months. This calls for a short term rebound at least as every previous corrective wave inside the multi month Channel Up that approached the 1D MA100, it rebounded to at least the 0.618 Fibonacci level. Following our last short call, we are now turning long again (TP = 5,115). See how our prior idea has worked out: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
CAPITALCOM:US500Long
by InvestingScope
1
$SPX over perform NQ | Shift towards valueBeen tracking this one for weeks now as we've formed a bottom and reclaimed support. We think across markets, we're seeing a macro shift away from speculative tech and towards value. TVC:SXXP (European SPX) could be forming a bottom vs SPX as well. What this over performance could look like remains to be seen. Could be more defensive in a downward move or if we catch support, it could be over performance to the upside. Regardless, the real message here is the shift away from US tech for the foreseeable future. Finally breaking through to bull side RSI on the weekly and AO flipping bullish. not touching NQ for a good while. Something to note is the original support bottom on this chart was the Nov '21 top across markets and Jan '23 was market bottom.
SP:SPX
by drcrypto14
SPX500 looks oversold at current levelsThe daily SPX500 looks oversold at current levels. This may cue the short-term trades to position themselves bullishly as the daily RSI normalizes. This video is intended for the users of Stratos Markets Limited, Stratos Trading Pty. Limited and Stratos Global LLC, (collectively “FXCM Group”). Stratos Markets Limited (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Europe Ltd (trading as “FXCM” or “FXCM EU”), previously FXCM EU Ltd (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Trading Pty. Limited (www.fxcm.com): Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763). Please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com Stratos Global LLC (www.fxcm.com): Losses can exceed deposits. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this video are provided on an "as-is" basis, as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interests arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed via FXCM`s website: Stratos Markets Limited clients please see: www.fxcm.com Stratos Europe Ltd clients please see: www.fxcm.com Stratos Trading Pty. Limited clients please see: www.fxcm.com Stratos Global LLC clients please see: www.fxcm.com Past Performance is not an indicator of future results.
FX:SPX500Long
by FXCM
Trading Plan for Monday, April 22nd, 2024Trading Plan for Monday, April 22nd, 2024 Market Sentiment: Uncertain, with bulls and bears at a crossroads. Geopolitical risks remain a factor, and market reaction to earnings reports and economic data will be crucial. Key Supports Immediate Supports: 4996-5000 (major), 4990, 4975 (major), 4966 Major Supports: 4958 (major), 4937 (major), 4904-08 (major), 4878 (major) Key Resistances Near-term Resistance: 5013, 5027 (major), 5039, 5045 (major) Major Resistances: 5081 (major), 5108 (major), 5125-30 (major), 5146-50 (major), 5190 (major) Trading Strategy Geopolitical Awareness: Remain vigilant about weekend news developments and potential market impact. Long Opportunities: Due to potential volatility, exercise caution with long positions. Prioritize bids at 4975 (a reaction may signal buying strength) or on failed breakdowns of overnight lows at 4963. For deeper longs, focus on major supports (4937, 4904), utilizing the knife-catch protocol. Short Opportunities: Look for backtests of 5045, 5081, and particularly 5108 for shorting. A breakdown below 4958 could open up downside targets. Profit-Taking: On shorts, consider taking profits entirely at major levels, especially given ES's tendency to short squeeze. Bull Case Reclaiming Resistances: Bulls need to regain control by reclaiming 5045 and pushing back into the red channel/flag around 5108 for a sustained recovery attempt. Holding Support: Defending the 4996-5000 zone is encouraging for bulls. If 4958 holds on a retest, it may signal a relief bounce. Adding on Strength: Breaks and acceptance above 5013 could offer opportunities for adding to long positions. Observe closely to ensure it's not a backtest for a downside rejection. Bear Case Breakdown Signals: A convincing break below 4958 triggers the downside move, likely targeting 4937 or lower. As always, be wary of traps – look for a bounce/failed breakdown first, then consider shorting with level-to-level profit-taking. News: Top Stories for April 22nd, 2024 Economic Environment IMF Global Financial Stability Report highlights optimism and expectations for policy easing. Verizon earnings report provides insights into the telecommunications sector. Focus on big tech earnings and their potential impact on market trends. Monitoring of economic indicators: commodity currencies, Asian shares, European currencies, and industrial output data from Poland, Taiwan, and China. Market Focus Sector analysis: Focus on communication services and energy sectors. Upcoming economic events: employment report, CPI report, and Bitcoin halving. Additional Market News Earnings season: Focus on major bank reports. Regulatory and legal updates: SEC activities and discussions on college debt and retirement planning. Reminder: The market is reacting to a mix of geopolitical events, earnings reports, and economic data. Prioritize risk management and adapt your trading strategy accordingly. Let me know if you have any further questions or would like changes made!
CME_MINI:ESM2024Long
by spytradingpro
Will it fall more?From the graph we have a great possibility. If prices do not overcome the 17.05 region we can see prices seeking first the long average (white line) and then the 15.09 and 14.83 bands (support). For this to happen, prices must drop below 15.95, as shown below. Resistances: 16.79 and 17.05. Supports: 15.09 and 14.83. The value of 14.83 is a possible target with the loss of the 15.94 region. Do your analysis and good business. Be aware, if you buy, use stop loss. See other graphical analyzes below.
NYSE:T
by MacD_Bollinger
2