CME_MINI:ES1!   Contrats à terme E-mini S&P 500
4 HOURS (H4)

Two successive failure attempts to breakout the clouds resistance triggered a reversal move from its recent top @ 4'739.50 towards a low so far of
4'606.75, filling in its way both the 61.8% Fibonacci retracement (4'572.75-4'739.50)@ 4'636.50 and the 78.6% Fib ret @ 4608.50

Global picture in this time frame does not look very encouraging as currently the SP 500 is below :

1) The clouds
2) The Mid Bollinger Band
3) The Tenkan-Sen
4) The Kijun-Sen
and last but not least a Chikou-Span or Lagging line converging to the South as well...

RSI is @ 37.66

Last candle which closed a few minutes ago triggered an hammer pattern, watch next ongoing candle to validate or invalidate this pattern on a H4 closing basis !

1 HOUR (H1)

Short term recovery only triggered by a long white candle which just closed below the Mid Bollinger band resistance level .
Watch ongoing candle for getting more clues about short term picture.


Under the influence of a major double top formation (trigger @ 4'500), coupled with a DOJI top and a bearish divergence !!!

In an ongoing downtrend price action and below the MBB , TS and KS .

Next support zone to watch at very carefully is the daily clouds support zone which is currently between 4'633 and 4'500 and which should be seen
as a key pivot zone for further development.

Indeed, a failure to :

1) stay and hold above the top of the clouds would be seen as the first warning signal, calling for further downside
2) A breakout of the bottom line of the former uptrend channel currently @ 4'566 (roughly the middle of the clouds too !) would also add more value for a downtrend continuation.

A breakout of 4'500 on a daily closing basis would :
1) confirm the double top formation in progress ---> target 4'200
2) also confirm the breakout of the daily clouds bottom area


The ongoing weekly closing level, later on today, would add more indication for the next week...

As a gentle reminder, the Mid Bollinger Band is currently @ 4'572 and a weekly closing below this level would be very negative for the upcoming week (s).

Second important support to look at is the weekly Kijun-Sen, @ 4'516 should be seen as the LAST VERY IMPORTANT LEVEL IN THIS WEEKLY TIME FRAME !!!

A failure to hold above 4'516 on a weekly closing basis would put the focus on 4'186.50, weekly clouds top and also 23.6% Fib retracement of the big rally from
2'174 towards the ATH @ 4'808.25

Ironman8848 & Jean-Pierre Burki

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