S&P 500 E-mini Futures (ES) Analysis and Forecast

???? Hi traders! Today, we’re looking at the technical analysis for the S&P 500 E-mini Futures (ES) on the daily chart. There’s been significant movement after breaking a key resistance that lasted over two years. Let’s explore the details! ????

???? Key Resistance Line & Breakout Levels

  • ???? First resistance touch: April 2022
  • ???? Second touch: July 2024
  • ???? Third and fourth touches: Led to a breakout above the resistance line
  • ? Retest: After breaking out, the previous resistance held as support, indicating bullish momentum
  • ???? Consolidation: A brief consolidation at support, maintaining a bullish outlook

???? Short-Term Outlook: Moving Upward

  • ???? Uptrend: ES is rising following the support retest
  • ???? Blue Channel: Prices are following the blue channel as support while going up
  • ?? Nasdaq Futures (NQ): Not new highs yet, but showing promise
  • ???? Russell 2000 (RTY): Also trending upwards, reinforcing bullish sentiment

???? Bearish Risks

  • ???? Key Support: A drop below support could shift the market bearish
  • ???? Fake-Out Risk: A spike around 6,000 could trap late buyers
  • ? Bear Trap Alert: A false breakout above 6,000 may lead to a correction
  • ???? Critical Level: Falling below 5,850 would confirm a strong bearish trend

???? What to Watch For

  • ???? Bullish Scenario:

    • Channel Support: Monitor if the blue channel support holds
    • ???? 6,000 Level: Keep an eye on possible breakouts or fake-outs around the 6,000 mark

  • ???? Bearish Scenario:

    • ? 5,850 Breakdown: Watch the 5,850 level—breaking it could signal a long-term bearish trend

Always trade cautiously and manage your risk! For more insights and updates, visit ForexLive.com. Thank you, and happy trading! ?????