Asset Classes

Free investment financial education

Language

Multilingual content from IBKR

Close Navigation
Learn more about IBKR accounts
S&P500 (ES) Tries Forming 3rd Straight Weekly Doji Near 2023 High

S&P500 (ES) Tries Forming 3rd Straight Weekly Doji Near 2023 High

Posted April 21, 2023 at 1:29 am
Darren Chu
Tradable Patterns

S&P500 (ES) Tries Forming 3rd Straight Weekly Doji Near 2023 High

The S&P500 (ES) is consolidating after forming a fresh April high (Tuesday), beginning to struggle as it slips back beneath the 50% Fib retrace of the slide from the January 2022 high to October 2022 low.  Nevertheless, any regaining of the 2023 high formed February before month end will dramatically increase odds of testing the August high by May sometime.  With a 3rd straight weekly Doji near downtrend resistance (on the weekly chart), ES now appears roughly equally likely to test the August high by May sometime as it is to slide back to the psychologically key 4k whole figure level.  Watch for volatility today 945am EST with the US flash manufacturing and services PMI.  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 RSI, Stochastics and MACD are rallying or consolidating recent gains, weighed by the tiring daily MACD.  I am going to stay on the sidelines for now, waiting for an exhaustion in the rally since the October low before going short.  Click here for analysis on NASDAQ100, NATURAL GAS

The S&P500 (ES) is consolidating after forming a fresh April high (Tuesday), beginning to struggle as it slips back beneath the 50% Fib retrace of the slide from the January 2022 high to October 2022 low (as can be seen more easily on a weekly chart on tradingview.com).

Source: Interactive Brokers TWS

Join The Conversation

If you have a general question, it may already be covered in our FAQs. If you have an account-specific question or concern, please reach out to Client Services.

Leave a Reply

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.