Today we will analyze long and short scenarios on S&P500 Futures.
Let's start with the Daily Chart:
a) Here, we can see that the next relevant resistance zone is the higher trendline of the Daily Wedge (3850-3880)
b) That's our Final target for the current impulse (meaning that we wait for a corrective movement, proportional to the current bullish trend)
Now we will analyze the 4hs chart:
a) The price its on the edge of an ascending trendline
b) Another relevant item is that the price is moving on an ascending channel, showing some weakness of the current trend
c) We think the most likely scenario its a bullish continuation from current levels 3660 towards the upper trendline of the ascending channel
d) However, we are ready in case of a reversion. IF the price reaches the red line, we will wait for contact on the support zone + pullback. If that happens, we will develop short setups below the pullback with a target at 3300
Let's start with the Daily Chart:
a) Here, we can see that the next relevant resistance zone is the higher trendline of the Daily Wedge (3850-3880)
b) That's our Final target for the current impulse (meaning that we wait for a corrective movement, proportional to the current bullish trend)
Now we will analyze the 4hs chart:
a) The price its on the edge of an ascending trendline
b) Another relevant item is that the price is moving on an ascending channel, showing some weakness of the current trend
c) We think the most likely scenario its a bullish continuation from current levels 3660 towards the upper trendline of the ascending channel
d) However, we are ready in case of a reversion. IF the price reaches the red line, we will wait for contact on the support zone + pullback. If that happens, we will develop short setups below the pullback with a target at 3300