What you need to know
ES1 (SP500 Generic Front Month) – 7.19.23
*As I stated yesterday morning, “as price remains above this previous resistance level (4500) and as momentum (M1, M2) holds/expands, additional upside is expected”. We did indeed see more upside during yesterday’s session as the Index rallied close to 1% and achieved our standing upside target of 4586. As long as structure remains in place the next upside target of 4631 seems likely. Note this level represents the Mar 2022 peak. I will continue to watch internals for divergence but for now risk remains to the upside.
Trading Support:
- 4511: 10dma
- 4500: Previous Resistance; 76.4% Retracement Level
- 4400: Previous Support
- 4300: Previous Resistance; 50dma at 4342
Trading Resistance:
- 4586: Feb 2022 Double Top Peak
- 4631: Mar 2022 Peak
