{"id":187070,"date":"2023-03-21T02:27:26","date_gmt":"2023-03-21T06:27:26","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=187070"},"modified":"2023-03-21T02:28:12","modified_gmt":"2023-03-21T06:28:12","slug":"sp500-es-weekly-hammer-trying-to-reclaim-key-4k-level","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/sp500-es-weekly-hammer-trying-to-reclaim-key-4k-level\/","title":{"rendered":"S&P500 (ES) Weekly Hammer Trying to Reclaim Key 4k Level"},"content":{"rendered":"\n

The S&P500 (ES) is consolidating with its weekly Hammer just shy of the psychologically key 4k whole figure level.\u00a0 With last week\u2019s weekly Doji bouncing off just above the 2023 low, the ES has been trying to halt the slide from the February peak.\u00a0\u00a0 Odds are now elevated this week for further short covering that sees ES break above the daily chart downchannel resistance.\u00a0 Any reclaiming of the weekly chart downchannel resistance before month end would greatly reduce any chance for a retest of the 2022 low in Q2.\u00a0 Watch for volatility Wednesday following the FOMC economic projections, statement, Federal Funds rate, and conference, Thursday after the US unemployment claims, and Friday with the US Flash Manufacturing PMI and Services PMI.\u00a0 Congratulations to paying subscribers who benefited from the Oct 18, 2022 analysis highlighting the early stages of a month plus Dead Cat Bounce<\/a>, 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<\/a>.<\/a>\u00a0 Except for the negatively crossing weekly MACD, the weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains.\u00a0 I am looking to enter short in the red zone (of the daily chart), targeting the green zone for Monday.\u00a0 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).\u00a0 Click here for analysis on VIX, GBPAUD<\/a><\/strong><\/p>\n\n\n\n

\"\"
Source: Interactive Brokers TWS<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

The S&P500 (ES) is consolidating with its weekly Hammer just shy of the psychologically key 4k whole figure level.<\/p>\n","protected":false},"author":53,"featured_media":187071,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4,17,6,8,23,26,3],"tags":[525,207],"contributors-categories":[13631],"class_list":{"0":"post-187070","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-asia","8":"category-futures","9":"category-north-america","10":"category-region","11":"category-technical-analysis","12":"category-text-articles","13":"category-traders-insight","14":"tag-es","15":"tag-spx","16":"contributors-categories-tradable-patterns"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"\nS&P500 (ES) Weekly Hammer Trying to Reclaim Key 4k Level<\/title>\n<meta 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