๐ Market Sentiment
Neutral to Short-Term Bearish: Current indicators suggest a cautious approach, with a lean towards a short-term bearish outlook amid mixed global signals.
๐ Recap
In todayโs issue, we delve into the performance of S&P 500 Futures, analyzing the recent consolidation phase after a notable rally. We examine the tight trading range that has defined the market over the past week, emphasizing caution in these choppy conditions.
๐ The Markets Overnight
๐ Asia: Mostly down
๐ Europe: Up
๐ US Index Futures: Up
๐ข Crude Oil: Up
๐ต Dollar: Up slightly
๐ง Yields: Down
๐ฎ Crypto: Up
๐ Major Global Catalysts
๐ Key Structures
We've identified crucial structures ranging from 4620-25 as a broad upside target, down to 4418, a pivotal bull market trendline. The ES is currently consolidating under 4580, indicating a potential move on the horizon.
๐ Support Levels
๐ Resistance Levels
๐ Trading Plan
For Wednesdayโs session, we focus on key support and resistance levels. The plan includes monitoring for base building above 4555 for a possible move to 4580+ while also considering short positions on breakdowns below key support levels.
๐ก Wrap Up
The market remains in a tight balance, with a persistent bullish undertone. Itโs crucial to navigate this choppy phase with a disciplined trading plan, recognizing the potential for both upward continuation and downward reversal. Stay tuned for updates on major catalysts that may impact the market dynamics.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decision.
Neutral to Short-Term Bearish: Current indicators suggest a cautious approach, with a lean towards a short-term bearish outlook amid mixed global signals.
๐ Recap
In todayโs issue, we delve into the performance of S&P 500 Futures, analyzing the recent consolidation phase after a notable rally. We examine the tight trading range that has defined the market over the past week, emphasizing caution in these choppy conditions.
๐ The Markets Overnight
๐ Asia: Mostly down
๐ Europe: Up
๐ US Index Futures: Up
๐ข Crude Oil: Up
๐ต Dollar: Up slightly
๐ง Yields: Down
๐ฎ Crypto: Up
๐ Major Global Catalysts
- Hawkish Fed Governor Waller turns dovish saying rates are in the right place.
- European CPI inflation reports coming in lower than expected.
๐ Key Structures
We've identified crucial structures ranging from 4620-25 as a broad upside target, down to 4418, a pivotal bull market trendline. The ES is currently consolidating under 4580, indicating a potential move on the horizon.
๐ Support Levels
- 4536: A prominent horizontal zone, critical for maintaining the current bullish structure.
- 4508: A support level that played a significant role in sustaining the rally after the November CPI release.
- 4485: A pivotal support-turned-resistance that could be retested.
- 4445-37: Key support zones that could act as a staging ground for future rallies.
๐ Resistance Levels
- 4620-25: A major trendline target, marking the intersection of historical highs.
- 4580: A strong resistance level that has been tested and held thus far.
- 4565: An immediate resistance that could dictate short-term price action.
๐ Trading Plan
For Wednesdayโs session, we focus on key support and resistance levels. The plan includes monitoring for base building above 4555 for a possible move to 4580+ while also considering short positions on breakdowns below key support levels.
๐ก Wrap Up
The market remains in a tight balance, with a persistent bullish undertone. Itโs crucial to navigate this choppy phase with a disciplined trading plan, recognizing the potential for both upward continuation and downward reversal. Stay tuned for updates on major catalysts that may impact the market dynamics.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decision.