May 4, 2016

S&P 500 Futures analysis before opening bell

  • 4 Hour support line discussed earlier is violated. Bears need a close below the pattern. Daily time frame shows price near 50 Day SMA. Daily close below 50 SMA will strengthen bears further.

ES 4 Hour chart update

  • 4 Hour chart shows price testing crucial support lines.  Sustaining below these lines may lead to bigger correction.