CME_MINI:ES1!   Contrats à terme E-mini S&P 500

January closing level @ 4'504.25 was above the Tenkan-Sen (4'418.75) which is in this time frame a first positive signal.

The pivot level in this long term time horizon is @ 4'637,50 (middle level of the December candle)

A monthly closing above this pivot level would trigger a piercing line which would be positive for the upcoming month having in mind a potential retest of the ATH.


The ongoing week price action is currently facing critical level (s) to breakout on the upside which are the following :

1) the ongoing downtrend resistance line
2) the Mid Bollinger Band

A weekly closing above both of those levels would also give additional support for further upside

A failure to do it would reopen the door for lower levels and a weekly closing below 4'500 would remember the potential double top !


Yesterday's closing level was above the Kijun-Sen which is also a first positive signal... but still below the Mid Bollinger Band and below the important
daily clouds resistance area (4550-4645)

In addition, looking at the recent ( sharp rally) we can draw a new support trend line (very steep 74 degrees !! and after such kind of move we can not ruled out
a mirror effect if the SP500 failed to hold above this steep support trend line

RSI slightly above the 50 level, currently @ 51.04

4 HOURS (H4)

Recent price action triggered a RISING WEDGE which has been, firstly broken and followed, currently by a pullback attempt in progress.

Last couple of trading hours are showing some lack of momentum (small candles and small bodies !) which is adding some uncertainty and indecision about further development.

Ongoing H4 candle closing level should be watch at very carefully as it might add more clues for the upcoming trading hours.

1 HOUR (H1)

As previously mentioned in H4, successive small candles & small bodies are also adding growing uncertainty for the upcoming hours.

Watch the Tenkan-Sen (already under attack !) ahead of the Mid Bollinger Band and the Kijun-Sen (4'520)

A failure, on a hourly closing basis to hold above the Kijun-Sen would reopen the door for the H1 clouds support area (4'470-4'385), respectively roughly the 38.2% and the 61.8% Fib retracements
of the last short term 4'265-4568.25 rally)

I hope my analysis will give you an additional value to your trading activity and if it is the case, please do not forget to like it and for those who do not follow me yet, please also add me on your following list.

Many thanks in advance and take care

Al the best

Ironman8848 & Jean-Pierre Burki

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