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S&P 500 Futures Consolidating Amidst Prevailing Bearish Sentiment
@TigerOptions：
In today's update, let’s continue to look at $E-mini S&P 500 - main 2309(ESmain)$ which has encountered a substantial bearish sentiment in recent sessions. As previously discussed, the market had breached the critical support level of 4496.25, indicating the potential for a prolonged bearish trend. 1 Hour Chart Current 1-Hour Chart Analysis Presently, the S&P 500 futures are consolidating within the range established during the previous trading session. For a potential bullish scenario to materialize, it would be favorable if the price successfully retests and holds above 449.23. Such a development would signify a higher low, increasing the likelihood of an eventual breakout to the upside. Conversely, if the price revisits the range of 4428-4437.75, it would not bode well for bullish prospects. Traders should exercise caution when operating within this range, as it represents a zone of uncertainty and potential price swings. Trading Strategy Considerations Awaiting Breakout Signals Given the current consolidation phase, traders are advised to exercise patience and refrain from trading within this range. It is prudent to await a breakout in either direction before committing to positions. In conclusion, the $E-mini S&P 500 - main 2309(ESmain)$ continues to grapple with bearish sentiment, and the price is currently consolidating within the previous day's range. A potential bullish scenario may materialize if the price retests and holds above 449.23, while a revisit to the 4428-4437.75 range raises caution. Traders should exercise patience and wait for clear breakout signals before engaging in new positions, while also considering their own trading strategies and risk tolerance. 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] $E-mini Nasdaq 100 - main 2309(NQmain)$ $E-mini Dow Jones - Sep 2023(YM2309)$ $Micro E-mini S&P 500 - Sep 2023(MES2309)$ $Micro E-mini Nasdaq 100 - Sep 2023(MNQ2309)$ @Daily_Discussion @Trend_Radar @TigerStars
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