February 4, 2018

S&P 500 Weekend update

  • ES Month chart shows price falling towards Previous month low of 2674. Bigger weakness in Month time frame only if this level gets broken on closing basis. Its been 15 months since price has gone below the previous month low. So bears badly need to break this trend extend weakness.
  • Week is looking good with price engulfing Multiple previous candles. Week just need the day to come along by breaking below 50 Day SMA. Daily close below 50 SMA should take price towards the Month low mentioned above.
  • For bulls 50 SMA is a level to hope for a reversal.
  • ES Levels in 4 Hour Time frame

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