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S&P500 (ES) Weekly Hammer Nears 2023 High

S&P500 (ES) Weekly Hammer Nears 2023 High

Posted April 14, 2023 at 12:52 am
Darren Chu
Tradable Patterns

S&P500 (ES) Weekly Hammer Nears 2023 High

The S&P500 (ES) is consolidating just shy of the April and February high, forming a weekly Hammer just below downtrend resistance (on the weekly chart).  ES now appears more likely to test the August high in April than the psychologically key 4k whole figure level.  Regardless of any volatility today 830am EST with the US retail sales and at 10am EST following the US preliminary UoM consumer sentiment, odds are elevated for a further short squeeze going into next week.  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, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains.  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, WTI CRUDE

Source: Interactive Brokers TWS

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