Asset Classes

Free investment financial education

Language

Multilingual content from IBKR

Close Navigation
Learn more about IBKR accounts
S&P500 (ES) Testing Weekly Chart Downchannel Resistance

S&P500 (ES) Testing Weekly Chart Downchannel Resistance

Posted April 4, 2023 at 2:12 am
Darren Chu
Tradable Patterns

S&P500 (ES) Testing Weekly Chart Downchannel Resistance

The S&P500 (ES) is consolidating after gaining 4 straight days, hesitating as it bumps against the weekly chart downchannel resistance.  Odds are now moderately high for a retest of the August high in April.  Before bears get excited, they’ll need to see a daily close this week below the psychologically key 4k whole figure level.  Regardless of how ES appears poised (for now) for a bullish April, volatility will likely surge this week beginning today following the 10am EST US JOLTS job openings, Wednesday’s US ADP non-farm employment change and ISM services PMI, Thursday’s US unemployment claims and Friday’s highly anticipated US Non-Farm Payrolls (NFP).   Congratulations to paying subscribers who benefited from the Oct 18, 2022 analysis highlighting the early stages of a month plus Dead Cat Bounce, or from the February 18, 2020 analysis one day before the record high in the ES, warning of the pending slide in the S&P500.  The weekly and daily RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains.  I am looking to enter short in the red zone (of the daily chart), targeting the green zone for Monday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).  Click here for analysis on VIX, NATURAL GAS

Source: Interactive Brokers TWS

Disclosure: Interactive Brokers

Information posted on IBKR Campus that is provided by third-parties does NOT constitute a recommendation that you should contract for the services of that third party. Third-party participants who contribute to IBKR Campus are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from Tradable Patterns and is being posted with its permission. The views expressed in this material are solely those of the author and/or Tradable Patterns and Interactive Brokers is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to buy or sell any security. It should not be construed as research or investment advice or a recommendation to buy, sell or hold any security or commodity. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

Disclosure: Futures Trading

Futures are not suitable for all investors. The amount you may lose may be greater than your initial investment. Before trading futures, please read the CFTC Risk Disclosure. A copy and additional information are available at ibkr.com.

IBKR Campus Newsletters

This website uses cookies to collect usage information in order to offer a better browsing experience. By browsing this site or by clicking on the "ACCEPT COOKIES" button you accept our Cookie Policy.