S&P 500 Futures See Potential for Short-Term Bullish Momentum"

In today's market update, our focus remains on the $E-mini S&P 500 - main 2312(ESmain)$, which has recently grappled with a notable bearish sentiment, as discussed in previous analyses. The critical support level of 4496.25 was breached, indicating the potential for an extended bearish trend.

1 Hour Chart

Current 1-Hour Chart Analysis

Higher Low Formation

Presently, the S&P 500 futures market is in a consolidation phase, showcasing signs of a potential shift in momentum. Notably, higher lows have been established, which is a positive development. To foster a short-term bullish outlook, it would be advantageous if the price successfully retests and maintains levels above 4447.50. Such a move would signal a higher low, raising the probability of an eventual breakout to the upside.

Resistance Range Challenge

Conversely, the market has recently encountered resistance in its attempt to breach the upper range 4477.50-4485.50. Traders should be mindful of this resistance zone, as it has rejected previous breakout attempt, highlighting the need for cautious optimism.

Short-Term Bullish Potential

In summary, while the $E-mini S&P 500 - main 2312(ESmain)$ has been grappling with bearish sentiment, today's consolidation shows signs of short-term bullish potential. The formation of higher lows is a positive development, and a breakout and sustained hold above the resistance range could signify a short-term bullish bounce. Traders should remain watchful and adapt their strategies accordingly, taking into account their own risk tolerance and trading preferences. It is prudent to await clear breakout signals in either direction before committing to trades.

Disclaimer: The levels given are my own opinions and not investment advice. If you choose to follow the trade, do note that you are responsible for your own money. Prioritise your own risk management, expel emotions & focus on your trading plan. [Observation] 

$E-mini Nasdaq 100 - main 2312(NQmain)$ $E-mini Dow Jones - Sep 2023(YM2309)$ $Micro E-mini S&P 500 - Sep 2023(MES2309)$ $Micro E-mini Nasdaq 100 - Sep 2023(MNQ2309)$

@Trend_Radar   @TigerStars @Daily_Discussion