ES1 (SP500 Generic Front Month) – 8.14.23
*The index successfully tested identified support at the 50dma (ref 4477) on Aug 10. This level was then violated on Aug 11 with as low of 4459. The overnight low so far heading into today’s cash session is 4465. I would continue to focus on resistance at the 10dma (ref 4515) and support at the 50dma (4477) and 4460. As has been the set up over the past two weeks, price action is weak and momentum (M1, M2) is confirming. I continue to feel risk is to the downside.
Trading Support:
- 4477: 50dma
- 4400: Previous Support
- 4300: Previous Resistance
Trading Resistance:
- 4500: Previous Resistance; 76.4% Retracement Level
- 4515: 10dma
- 4550: Previous short term support
- 4631: Mar 2022 Peak
Chart 1 (ES1 Daily Bars)
