5/24/2019 - S&P500 Future Tech Analysis

Walid Salah Eldin

Master Trader
Feb 15, 2016
S&P 500 Future Daily Chart:

After 2891.80 capped the rebound of S&P500 future rate from last week bottom 2798.30, the index came under increased downside pressure by forming a lower high below its formed all time high on May. 1 at 2859.20.

S&P500 future rate could rebound today for trading near 2830 after extending its slide from 2891.80 to 2085.10 yesterday

After yesterday slide extension, The index is now well below its daily SMA50 in its second day of being below its daily Parabolic SAR (step 0.02, maximum 0.2) which is reading today 2890.

S&P 500 Future rate is still underpinned over longer range by continued being above its daily SMA100 and above its daily SMA200.

S&P 500 Future daily chart shows that its RSI-14 is now in inside its neutral region at 42.606.

S&P 500 Future daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having now its main line inside its neutral area at 30.823 leading to the downside its signal line which is higher in the same area reading 41.042, after negative cross over inside the neutral region.

Important levels: Daily SMA50 @ 2873, Daily SMA100 @ 2790 and Daily SMA200 @ 2773

Experienced S&R:

S1: 2798.30

S2: 2785.40

S3: 2720.85

R1: 2891.80

R2: 2959.20

R3: 3000.00

Kind Regards

Global Market Strategist of FX-Recommends

Walid Salah El Din