$MES1! 4hr Analysis
What's up ya'll?!
Based on what I'm seeing, the Micro E-mini S&P 500 Index Future (
MES1!) on the 4hr is in a consolidation zone between 5,592.50 and 5,661 (68.5 ticks).
I have marked the chart with a bearish Fibonacci retracement from ATH on Jul 16th to the low on Aug 5th.
If price goes below 5,619 (mid-point of previous day [Friday, Sep 13]), then there is a possibility price will run back down to the 0.786 mark at 5,592.50 (26.5 ticks).
If price surpasses the heavy resistance at around the 0.9 bearish Fibonacci (5,661) then next price target is all-time highs at 5,721.25.
A lot will be based on the economic and financial news this week.
Based on what I'm seeing, the Micro E-mini S&P 500 Index Future (
MES1!) on the 4hr is in a consolidation zone between 5,592.50 and 5,661 (68.5 ticks).I have marked the chart with a bearish Fibonacci retracement from ATH on Jul 16th to the low on Aug 5th.
If price goes below 5,619 (mid-point of previous day [Friday, Sep 13]), then there is a possibility price will run back down to the 0.786 mark at 5,592.50 (26.5 ticks).
If price surpasses the heavy resistance at around the 0.9 bearish Fibonacci (5,661) then next price target is all-time highs at 5,721.25.
A lot will be based on the economic and financial news this week.
Note
MES1! gapped up and opened higher on Monday, 9/16 @ 6pm.
On Monday, before 6pm, price went as high as 5,641.25.
At open at 6pm, the market gapped up and has a low of 5,690 (48.75 point difference).
Again, we're going to wait on US Sales that tells us how the average American consumer is doing and we're also going to see what the change in the federal funds rate will be.
Note
65m update provided below:
Price for
MES1! has been consolidating between $5,780-$5,830.
If price goes below $5,781.25:
- Support area is the Fib 0.382 mark @ $5,771
- Next support area would be Fib 0.5 ($5,753) then Fib 0.618 ($5,734.75).
If price goes above Previous Day High @ $5,821.50:
- Next resistance area would be all-time highs at $5,830
- Then psychological numbers like $5,850 and $5,875, etc.
- $5,782 is Fib -0.272 as well
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