E-mini S&P 500 (ES) futures
Technical Analysis

Bulls in full control as S&P 500 (ES) Surges

Weekly Chart Analysis:

The price of ES has made a significant move by closing above the all-time high (ATH), which suggests a strong bullish bias. We see a clear break above the previous resistance level, which bulls want to see serve as support in any potential retest. If you’re looking for a bullish confirmation of trend and sentiment, the sustained price above this level is a key indicator.

weekly chart with ath shown clearly

Daily Chart Analysis:

The daily chart shows sustained bullish price action above the 50-day simple moving average (SMA) and the 200-day SMA. The MACD histogram is about to turn green and after a consolidation, the MACD line is close to crossing above the signal line confirming the bullish price action. For a continued bullish sentiment, we would want to see the MACD histogram increase in positive values, and price remain above the clear consolidation zone with the high of that zone around 4836.75.

daily chart with macd and 50 and 100 moving average

15-Minute Chart Analysis:

On the intraday 15-minute chart, the price is trading above the pivot point and has tested the R1 pivot level. For traders, this level could act as a short-term support in case of a pullback. The Supertrend indicator is positive, reinforcing the bullish outlook on this timeframe.

15 min heikin ashi chart with pivot points

Levels to Watch:

  • The immediate support is the previous ATH on the weekly chart. A weekly close this week above this level reinforces the bullish outlook.
  • On the daily chart, the main area is the 4836.75 zone where price must stay above in order for the sentiment to remain bullish.
  • Intraday, the pivot point (around 4835) and R1 (around 4879) are crucial. A hold above these will continue to favor bulls, while a break below could see a test of the S1 support (around 4796).

Potential Trades:

  • A bullish trade could be entered upon a retest of the ATH now acting as support, with stops below the level and targets at new highs.
  • A more conservative approach would be to buy on a bounce from the 50-day SMA, with a similar stop-loss strategy.
  • If bullish momentum continues and the price holds above the R1 pivot on the 15-minute chart, intraday traders could look for long opportunities with tight stop losses below the pivot point.

Rating: Bullish
The overall rating is bullish based on the price action closing above the ATH and holding above key moving averages. However, it’s essential to monitor the momentum indicators for signs of exhaustion or continuation. Keep an eye on the levels for potential trades, and be prepared to adjust strategies if the price action indicates a shift in market sentiment.