ES1 (SP500 Generic Front Month) – 2.6.24
*Momentum on the Daily chart remains positive but is narrow and compressing. Although this could be a leading indicator that price will not break out above 5000 and may be beginning to retrace, I am sticking to the Weekly chart for now and staying focused on strong momentum (WM1, WM2) with an upside target of 5066 still in place. This view will change if we see the index trade below near term support at the 10dma (ref 4934), trade support (ref 4870 see chart below) or the 10wma (ref 4832). A break below any of these levels with confirming breaks in momentum will shift my view from positive to negative. Until then I remain uncomfortably positive.
Trading Support (Daily):
- 4934: 10dma
- 4841: Previous Resistance
- 4785: 50dma
- 4647: Previous Resistance
- 4602: 100dma
Trading Resistance (Daily):
- 5000: Feb 2 High
- 5066: Jan 2022 Peak
