ES1 (SP500 Generic Front Month) – 7.31.23
The lows for 5 of the last 7 sessions ranged from 4550 to 4560 creating solid short term trading support. Additionally, we remain unable to breakout above our 4631 resistance level with negative momentum (M1, M2). All said, I would focus on the support/resistance range of 4550/4630 as a great place to “churn” while watching for a break either way with confirming momentum. I see risk here as essentially neutral with a slight negative bias and more price action needed to add to any conviction.
Trading Support:
- 4587: 10dma
- 4550: Short term support
- 4500: Previous Resistance; 76.4% Retracement Level
- 4400: Previous Support
- 4300: Previous Resistance; 50dma at 4413
Trading Resistance:
- 4631: Mar 2022 Peak
