What you need to know
ES1 (SP500 Generic Front Month) – 7.18.23
*The Index continues to work higher towards the current upside target of 4586. To recap, 4500 remains a major level within this move (76.4% retracement level) and I am sure we will discuss it again. For now, as price remains above this previous resistance level and as momentum (M1, M2) holds/expands, additional upside is expected. I continue to focus on relatively tight upside targets of 4586 and 4631.
Trading Support:
- 4500: Previous Resistance; 76.4% Retracement Level
- 4497: 10dma
- 4400: Previous Support
- 4300: Previous Resistance; 50dma at 4333
Trading Resistance:
- 4586: Feb 2022 Double Top Peak
- 4631: Mar 2022 Peak
