S&P500 Futures Analysis- 12Jul2022

The S&P500 Emini Futures (ES) are at 3852 and trying to take support at the 10 Day SMA. However, the Momentum Indicator (CCI) is coming down, which indicates downward pressure on the futures can easily go down to 3800 to test lower levels and also break 10 Day SMA. So this is not looking like a safe place for long positions. Sell position can be considered on a closing below 3800 for target 3700 and stop 3850. Upside targets above 3850 is 3900-3950. There is strong selling pressure above 3950-4000.

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