S&P 500 - no excessive supply in trading range
24 Apr 2020 recap -As mentioned previously in the S&P 500 market analysis (
ES1!) after the down wave from 20–21 Apr, which is a change of character stopping the up move to at least a trading range (if not a reversal). Refer below if you are wondering:
There is no excessive supply after the down wave. So far, S&P 500 is able to overcome a few key supply zones and is at the resistance area close to 2885. It is possible for it to test the swing high at 2885. It is expected for S&P 500 to trade between 2715–2885 trading range.
Check out the video below for a complete walk through of the daily market analysis of S&P 500 futures for 27 Apr 2020 trading session.
Bias - down
Key levels - Resistance: 2885 (swing high),2915 Support: 2830, 2800, 2750, 2715 (swing low)
Potential setup - Should S&P 500 test the swing high near 2885, look for a rejection from that area to initiate short entry, with a stop above 2920. First take profit target at 2830 and other key support levels.
ES1!) after the down wave from 20–21 Apr, which is a change of character stopping the up move to at least a trading range (if not a reversal). Refer below if you are wondering:There is no excessive supply after the down wave. So far, S&P 500 is able to overcome a few key supply zones and is at the resistance area close to 2885. It is possible for it to test the swing high at 2885. It is expected for S&P 500 to trade between 2715–2885 trading range.
Check out the video below for a complete walk through of the daily market analysis of S&P 500 futures for 27 Apr 2020 trading session.
Bias - down
Key levels - Resistance: 2885 (swing high),2915 Support: 2830, 2800, 2750, 2715 (swing low)
Potential setup - Should S&P 500 test the swing high near 2885, look for a rejection from that area to initiate short entry, with a stop above 2920. First take profit target at 2830 and other key support levels.
Find Out the Top 3 Unknown Stocks Ready to Soar: Click my website below
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.