ES1 (SP500 Generic Front Month) – 1.24.24
*Although I love to hate them, I remain convinced that the index is set up to continue the grind higher in the near term. Again focusing on the Weekly chart, the breakout above long term resistance (T1) continues to hold with positive/confirming momentum (M1, M2). The initial upside target at 4950 is just a few ticks away with my second target of 5066 just 3% above current levels.
Trading Support (Daily):
- 4841: Previous Resistance
- 4839: 10dma
- 4717: 50dma
- 4647: Previous Resistance
- 4570: 100dma
Trading Resistance (Daily):
- 4950: Measured Move Upside
- 5066: Jan 2022 Peak
