S&P500 futures have been correcting the whole of this past week, and have come to their key support level of 5000. The momentum (CCI indicator) is in oversold area, where maximum price damage/correction happens at a high speed. Fresh long trades will be possible once the momentum (CCI indicator) starts recovering. Upside target of 5200 is visible once price recovery starts. We can expect resistance at 5200 level, which was earlier acting as support.
S&P500 Futures (ES) are moving up today on strong momentum, They were at 4700 today morning, and now at 4750. The strong momentum seen today, almost ensures that 4800 will be tested by end of Friday this week. The current lifetime high of S&P500 Futures is 4808, which was made in Jan 2022, and today, we are in Dec 2023. So full two years have passed since the high was made, and we have gone down to low levels like 3502 in Oct 2022, and come back from there. Given the strong momentum, its 4800 should come, and 4809 should also come, to make a new life time high in Dec 2023.
S&P500 futures have been in a clear uptrend since they crossed 4300 on 2 Nov 2023. As of today, at current price 4750, the S&P500 futures have been gained 450 points from that support and buying level at 4300, within 6 weeks. Its one of the strongest rallies in recent years. Traders can stay long above 4700 for targets 4800-4820. Thanks.