SP500 Futures new Supply Zone (?)
Hello trading community!
The ES Futures seems to be Bearish, and we can watch in this chart 3 Higher Lows created. A strong support that was tested three times has already been crossed and tested to create a new possible resistance.
The Dollar continue to show strength, the DXY is again testing the resistance, and we believe this time will be a strong long signal.
Also, after analyzing the SPX timeframe 4Hours, is possible to observe the Supply area that has already been tested and originated the three HL.
SPX is entering in an area that was resistance some months ago.
To conclude, we believe ES Futures contracts will test again the area of the new resistance 4401.25, and will change the direction to a short position
The ES Futures seems to be Bearish, and we can watch in this chart 3 Higher Lows created. A strong support that was tested three times has already been crossed and tested to create a new possible resistance.
The Dollar continue to show strength, the DXY is again testing the resistance, and we believe this time will be a strong long signal.
Also, after analyzing the SPX timeframe 4Hours, is possible to observe the Supply area that has already been tested and originated the three HL.
SPX is entering in an area that was resistance some months ago.
To conclude, we believe ES Futures contracts will test again the area of the new resistance 4401.25, and will change the direction to a short position