📈🚀 S&P 500 Futures technical analysis and leading scenario, my opinion of area 5170... And then watch out for bears
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The most recent technical analysis video for 05 Feb, 2024
- Reviewed the S&P emini 500 Futures via the video at the bottom of this page, highlighting the big yellow channel and key points from our last video.
- We eyed the 5,170 target, as ES rose from 5140 and got 12.5 points below our target, then dropping slightly before an internal bear flag signaled a downturn... see video.
- We're now at a potential support zone around 5,118-5,120, suggesting a potential, probably temporary, uptick.
- There's a chance still for 5,170, possibly leading to a tripple top, before falling, in my opinion, or, at least, my main scenario to watch.
- Mentioned a bear flag scenario. BUT surpassing 5,170 unexpectedly would indicate a strong upward trend, and trapped bears.
- In summary, expecting another small climb, then a drop to around 5,083, with a look at dipping closer to the 5,000 mark.
- In the future, possibly in weeks, preparing for a possible fall from the bear flag, aiming to short around 5,000 if it happens.
- Possible sideways movement ahead, and some maket choppiness, as we wait for upcoming market catalysts. SEE THE TECHNICAL ANALYSIS VIDEO BELOW
See the PREVIOUS video from 04 FEB, 2024, with the previous technical analysis of the S&P 500 futures, right here on ForexLive.com In this analysis, we view the market from the December contract to March, uncovering a simple channel and price movements and what they could mean for traders.
🔍 Key Highlights of the stock maket technical analysis as shown in the above video
- Discover the formation of a potential bull flag that broke out on February 29th, showing a notable upward trend.
- Understand the dynamics of the current channel, which also hints at a bear flag, and what it signifies for future market directions.
- Explore a main scenario prediction of the price reaching around 5170
- Learn about the critical bear flag breakdown scenario
- Find out why the upper band of the channel could be the perfect spot for short sellers and what a break upwards would mean for the market.
🔥 Whether the market confirms a bullish signal or falls into a bear trap, we've got you covered with expert insights and analysis. This video is a must-watch for anyone looking to navigate the complexities of the S&P 500 futures with confidence and strategic foresight.
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💡 Disclaimer: This analysis is for educational purposes only. Trade at your own risk and always consider seeking advice from a professional financial advisor.
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