SPX (ES Futures) - Short Term Outlook - KEY levels
It's a great day! Quick update on SPX (however all prices quoted using ES futures levels).
After the "great crash of 2024" at the beginning of August, we are now seeing the SPX index above the breakdown level which is a key point in determining where things go from here. From an ES level perspective, here's what I can see:
KEY RESISTANCE: We have key resistance at the 5665 level. We need to close an hourly above this level in order to increase confidence in a short term bullish setup.
KEY SUPPORT: There should be key support that has been developed in the last couple months at the 5540 level.
Important notes: Break above 5565 increases confidence in short term bullish bias up to 5800+ and break below 5540 increases confidence in a short term bearish bias down to 5400 or lower.
After the "great crash of 2024" at the beginning of August, we are now seeing the SPX index above the breakdown level which is a key point in determining where things go from here. From an ES level perspective, here's what I can see:
KEY RESISTANCE: We have key resistance at the 5665 level. We need to close an hourly above this level in order to increase confidence in a short term bullish setup.
KEY SUPPORT: There should be key support that has been developed in the last couple months at the 5540 level.
Important notes: Break above 5565 increases confidence in short term bullish bias up to 5800+ and break below 5540 increases confidence in a short term bearish bias down to 5400 or lower.
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