**** This is simply a snapshot in time and is an attempt at ascertaining probable outcomes. One should be prepared to change ones strategy at anytime if patterns do not play out as anticipated. ****
It can be seen that while the S&P as a whole was showing strength in the past few weeks, F and has entered into an equilibrium pattern. The S&P 500 is potentially entering into daily consolidation. If the S&P 500 enters into a daily downtrend, F is likely to retest supports. F is likely to be dragged down by the continued global COVID-19 impacts on unemployment and by the wider market.
Resistance can be found at:
$5.87 $5.75 $5.54
Support can be found at:
$4.72 $4.17 $3.96
A retest of the recent low of $3.96 would place the RSI in oversold conditions on the daily time frame which would then be an opportunity for a long play should the trend reverse on shorter time frames (higher highs and higher lows on the 4-hr etc.).