ES1 (SP500 Generic Front Month) – 1.23.24
*As I wrote yesterday with reference to the Daily chart, “price has shifted to a bullish stance with confirming internals”. As we are close to closing the month of Jan, I thought it would be helpful to once again zoom out and look at the Weekly chart as I do from time to time. The massive, long term trendlines (T1, T2) were clearly converging as the Dec 15 bar broke out to the upside with confirming momentum (WM1, WM2). This sets up for a test of upside resistance at 5066 (Jan 2022 peak). All else equal I see no reason why the index wouldn’t achieve, at a minimum, a test of this level.
Trading Support (Daily):
- 4841: Previous Resistance
- 4825: 10dma
- 4707: 50dma
- 4647: Previous Resistance
- 4567: 100dma
Trading Resistance (Daily):
- 4950: Measured Move Upside
- 5066: Jan 2022 Peak
