The S&P500 Emini Futures have been trading below their trend line for the last several weeks, and their recent attempt to break out above the trendline (at 4780 level) failed during end-Dec 2021 and early Jan 2022.
S&P500 Futures Resistance Levels are at 4720 and 4780. Above 4720 closing, 4800 target become on again.
S&P500 Futures Support Levels are at 4650 and 4600, and these levels can be used for buying for 30-50 point gains. However, a clean long trade will come above 4700.
Buy at 4720 for Target 4780 with Stop 4690.
Please see this image for S&P500 futures daily chart analysis.
S&P500 Futures have been facing major resistance at 4700 level and have not been able to stay above 4720 for much time, and have been facing major selling pressure above 4700-4720 level, which is now the main Resistance Level. Because this level has become such a big resistance for a long time, whenever it breaks, there will be at least 100-150 point upside rally till 4850 level. A closing above 4720 can be considered a decisive breakout, with target 4830. That upmove can be rapid.
On the lower side, 4500 level is a strong support, and it will present a good buying opportunity. For now, we have to remain cautious again, and see if 4600 support level holds. There is no clean or safe trade in the current market, and we will do a fresh analysis tomorrow. Thanks.