E-MINI S&P forecast for today
In the daily chart, the price is trading outside the upper boundary of the range (gray line) and is interacting with the lower boundary of the previous daily range. The current daily range has 5 confirmed points.
On the hourly chart, the price is within its own range with 7 confirmed points. The current vector in the long side of the range extends to point 7.
A long trade can be considered if the buyer defends the level at point 6 (4393.25) or if the buyer defends the level (4385.5, the black line). This would indicate the buyer's defense of the range boundary with the aim of reaching point 7 (4417.5).
A short trade can be considered if the seller defends the level at point 7 (4417.5) with the aim of reaching the level 4385.5. If the level 4385.5 is not defended by the buyer, the price will return within the boundaries of the daily range, and a short trade can be considered if the seller defends the upper boundary of the daily range (4383.5) with the goal of retesting the hourly lows (4340.75) and reaching the upper level of the buyer's zone on the daily chart (4335.75).
Good luck with your trading!
Disclaimer:
This case study is for educational purposes only and does not constitute investment advice or recommendations.
The trading or investment ideas presented here are for illustrative purposes only and are an integral part of a case study demonstrating the concepts of using volume to analyze or trade within the market scenarios discussed.
On the hourly chart, the price is within its own range with 7 confirmed points. The current vector in the long side of the range extends to point 7.
A long trade can be considered if the buyer defends the level at point 6 (4393.25) or if the buyer defends the level (4385.5, the black line). This would indicate the buyer's defense of the range boundary with the aim of reaching point 7 (4417.5).
A short trade can be considered if the seller defends the level at point 7 (4417.5) with the aim of reaching the level 4385.5. If the level 4385.5 is not defended by the buyer, the price will return within the boundaries of the daily range, and a short trade can be considered if the seller defends the upper boundary of the daily range (4383.5) with the goal of retesting the hourly lows (4340.75) and reaching the upper level of the buyer's zone on the daily chart (4335.75).
Good luck with your trading!
Disclaimer:
This case study is for educational purposes only and does not constitute investment advice or recommendations.
The trading or investment ideas presented here are for illustrative purposes only and are an integral part of a case study demonstrating the concepts of using volume to analyze or trade within the market scenarios discussed.
Good luck with your trading!