{"id":187448,"date":"2023-03-28T00:55:55","date_gmt":"2023-03-28T04:55:55","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=187448"},"modified":"2023-03-28T00:58:20","modified_gmt":"2023-03-28T04:58:20","slug":"sp500-es-daily-chart-triangle-near-complete","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/technical-analysis\/sp500-es-daily-chart-triangle-near-complete\/","title":{"rendered":"S&P500 (ES) Daily Chart Triangle Near Complete"},"content":{"rendered":"\n

S&P500 (ES) Daily Chart Triangle Near Complete<\/strong><\/p>\n\n\n\n

The S&P500 (ES) is trying to form a weekly Doji just above the psychologically key 4k whole figure level.  Although ES managed to hold the 2023 low 2 weeks ago, the ES has been reluctant to extend its subsequent bounce.  With the near complete triangle (on the 4hr and daily chart), watch for volatility this week.  Although unlikely for now, any fresh March low before month end dramatically increases odds of a retest of the 2022 low in the month after.  Conversely, any reclaiming of the weekly chart downchannel resistance before month end (however unlikely) would greatly increase the chance for a retest of the August high in April.  Watch for volatility today 10am EST with the US CB consumer confidence, Thursday with the US GDP and unemployment claims and Friday with the US core PCE price index.  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>  The weekly, daily and 4hr 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, GBPUSD<\/strong><\/a><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

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

The S&P500 (ES) is trying to form a weekly Doji just above the psychologically key 4k whole figure level. 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