In this latest market update, I will continue my analysis of the $Micro E-mini S&P 500 - Sep 2023(MES2309)$, which had been grappling with significant bearish sentiment, as previously discussed. The break above the resistance level at 4447.50 had piqued my interest, as it is sparking the possibility of a short-term bullish upswing.
1 Hour Chart
The S&P 500 futures price displays remarkable resilience, consistently forming higher lows and navigating confidently within the confines of an ascending channel, signifying a robust and ongoing bullish momentum. The channel's unbroken continuity underscores the potential for the bullish sentiment to endure, contingent upon the price's ability to stay within this channel. Traders are strongly encouraged to maintain a vigilant watch on the price's performance within this channel, as it will be instrumental in determining the sustainability of the upward trajectory, thereby guiding informed trading decisions.
In conclusion, the ongoing analysis of $Micro E-mini S&P 500 - Sep 2023(MES2309)$ reveals intriguing dynamics in the face of previously observed bearish sentiment. The breakthrough above the resistance level at 4447.50 has sparked the possibility of a short-term bullish resurgence, with the futures price displaying commendable resilience. The consistent formation of higher lows and the steadfast ascent within the ascending channel signify robust and enduring bullish momentum. However, the sustainability of this upward trajectory hinges on the price's ability to remain within the channel.
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]
$E-mini Nasdaq 100 - main 2312(NQmain)$ $E-mini S&P 500 - main 2312(ESmain)$ $E-mini Dow Jones - Sep 2023(YM2309)$ $Micro E-mini Nasdaq 100 - Sep 2023(MNQ2309)$
Comments