S&P 500 E-mini Futures ES Wed Sept 6th 2023 review
** This review is purely for educational purposes. No advice being rendered. Doing it purely for self-improvement in chart reading,**
S&P 500 looking Bearish for the day.
Top down analysis:
Daily comparison of Dow, S&P and Nasdaq
* Nasdaq showed most resilience yesterday and traded with a nice price range
* S&P has been trading in a range yesterday before dropping rapidly at the end of the day.
* S&P entered a Daily FVG that is likely to fill this week.
* there is a daily FVG above crated by yesterday's drop (it also overlaps with H1 FVG so quite a strong point that the price might be looking to return to before heading south)
* This morning the ES price went below the 50 SMA; in Aug the price has bounced off the 100 SMA twice before heading up; it is likely heading towards 100 SMA again and filling the FVG along the way
4H > 1H ES
* on 4H chart the candles point bearish towards the FVG from last week
* on 1H chart the candles are bouncing off the FVG at 4489
S&P 500 looking Bearish for the day.
Top down analysis:
Daily comparison of Dow, S&P and Nasdaq
* Nasdaq showed most resilience yesterday and traded with a nice price range
* S&P has been trading in a range yesterday before dropping rapidly at the end of the day.
* S&P entered a Daily FVG that is likely to fill this week.
* there is a daily FVG above crated by yesterday's drop (it also overlaps with H1 FVG so quite a strong point that the price might be looking to return to before heading south)
* This morning the ES price went below the 50 SMA; in Aug the price has bounced off the 100 SMA twice before heading up; it is likely heading towards 100 SMA again and filling the FVG along the way
4H > 1H ES
* on 4H chart the candles point bearish towards the FVG from last week
* on 1H chart the candles are bouncing off the FVG at 4489
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