{"id":188529,"date":"2023-04-14T00:52:19","date_gmt":"2023-04-14T04:52:19","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=188529"},"modified":"2023-04-14T01:09:01","modified_gmt":"2023-04-14T05:09:01","slug":"sp500-es-weekly-hammer-nears-2023-high","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/technical-analysis\/sp500-es-weekly-hammer-nears-2023-high\/","title":{"rendered":"S&P500 (ES) Weekly Hammer Nears 2023 High"},"content":{"rendered":"\n

S&P500 (ES) Weekly Hammer Nears 2023 High<\/strong><\/p>\n\n\n\n

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).\u00a0 ES now appears more likely to test the August high in April than the psychologically key 4k whole figure level.\u00a0 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.\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>\u00a0 The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains.\u00a0 I am going to stay on the sidelines for now, waiting for an exhaustion in the rally since the October low before going short.\u00a0 Click here for analysis on NASDAQ100, WTI CRUDE<\/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 consolidating just shy of the April and February high, forming a weekly Hammer just below downtrend resistance (on the weekly chart). 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