ES1 (SP500 Generic Front Month) – 2.2.24
*I wrote in the Jan 31 pre-market note that “All in, price action and momentum (WM1, WM2) look constructive”. I also highlighted trade support at 4870 writing that “I would stay focused on a support/resistance range of 4870/5066”. That said, the Jan 31 low was 4866 and the Feb 1 low was 4872. Both levels straddling my 4870 level. The index is currently trading at 4958. I continue to see 5066 as a legitimate near term upside target.
Trading Support (Daily):
- 4917: 10dma
- 4841: Previous Resistance
- 4770: 50dma
- 4647: Previous Resistance
- 4593: 100dma
Trading Resistance (Daily):
- 4950: Measured Move Upside
- 5066: Jan 2022 Peak
