ES1 (SP500 Generic Front Month) – 4.8.24
*The index remains below resistance as momentum (M1, M2) remain negative and degrading. My initial downside target of 5200 was achieved (and held) on both Apr 4 and 5. The index continues to seem poised to head lower in the near term. Initial downside targets remain 5200 and the 50dma (ref 5158).
Trading Support (Daily):
- 5204: 10wma
- 5158: 50dma
Trading Resistance (Daily):
- 5268: 10dma
- 5295: Current Bottom of Trend Channel
