ES1 (SP500 Generic Front Month) – 10.6.23
*I have remained negative on the index since we broke below 4500 back on Sep 19. That call has worked out well hitting 4 of 5 downside targets (A, B, C, D). Although sometimes I “love to hate them” I do think the index is showing signs that 4235 (ref Oct 4) will hold as the low for the short term. Not discounting the fact that 4300 is significant resistance (along with the 200dma and 10dma), the index seems poised to break back above and retrace the recent move down. Overall I would hold a neutral view here as price has firmed a bit with some initial confirming signals from momentum (M1, M2). Downside and Upside risks seem balanced for the near term.
Trading Support:
- 4200: Previous Support
Trading Resistance:
- 4300: Previous Support/Resistance
- 4307: 200dma
- 4314: 10dma
- 4400: Previous Support
- 4465: 100dma; Previous Support
- 4478: 50dma
- 4500: Previous Resistance; 76.4% Retracement Level
- 4586: Previous Resistance
- 4684: Previous Resistance
