Long and short term technical analysis showing when bulls or bears are in control, watch video

S&P 500 Market Overview

As the S&P 500 navigates a critical juncture, astute ForexLive traders must remain vigilant in understanding the interplay between bullish and bearish forces. This analysis delves into the current market dynamics, emphasizing the importance of volume profiles and key technical levels.

Premarket update for 06 Dec before market opens, mid channel rejection... That green channel in the video if you watched it

Premarket 06 Dec 2023, ES meets mid channel overhead resistance
Premarket 06 Dec 2023, ES meets mid channel resistance

That mid channel resistance is broken to the upside, more up coming, probably
Market crosses up that mid channel resistance, going up

Market crosses up that mid channel resistance, going up

Key Technical Levels

  • 4,634.5: The July 23rd, 2023 high marks a significant resistance level. A decisive break above this barrier could signal a surge in bullish momentum.

  • 4,588: Anchored from the beginning of the decade, the volume profile high at this level warrants close attention. The market's current proximity to the Value Area High (VAH) suggests a crucial junction that could shape future price movements.

  • 4,544: The November 30th low serves as a vital support zone. A drop below this level could signal a shift towards bearish control.

Market Behavior

The S&P 500 has been exhibiting a tug-of-war between bulls and bears, confined within a range of 4,544 and 4,634.5. While bullish attempts to breach the upper limit have been met with resistance, the bears have been unable to force the market below the significant support level.

Insights for Investors and Traders

  • Bullish View: A decisive break above 4,600 would be a strong bullish signal, suggesting potential for an upward trend.

  • Bearish Outlook: Conversely, a fall below 4,544 could pave the way for bearish dominance, opening up shorting opportunities.

  • Volume Profile Insight: The proximity to the VAH is particularly noteworthy, offering valuable insights into potential resistance levels and the balance between supply and demand.

  • Watch the technical analysis video above and return to ForexLive.com for additional perspectives.