Technical Analysis

S&P 500 (ES) Blasts Through All-Time-High


ES has broken above its all time high once more as bulls have gained the upper hand. There are some important levels to keep an eye on for the daily chart and possible entries we could look for. Currently, we don’t see any bearish trade opportunities.

s&p 500 ES technical futures with 100 and 50 sma.

Technical Analysis

Price Action

  • Support and Resistance Levels: Support at $5,300 zone, $5,220 SMA and 100 SMA ($5,193).
  • Resistance: There is no immediate resistance as ES is in uncharted territory, but psychological levels such as 5,400 and 5,500 could act as resistance.

Moving Averages

  • 50-day Simple Moving Average (SMA): 5,220.58
  • 100-day Simple Moving Average (SMA): 5,139.09
  • The price is trading well above both the 50-day and 100-day SMAs, and there is a gap in between the averages. This is bullish.

Relative Strength Index (RSI)

  • Current RSI: 63.71
  • The RSI is in the bullish zone but not yet overbought (above 70). This indicates that there might still be room for the price to move higher before facing selling pressure.

Trade Opportunities

Long Position (Bullish)

  • Entry Point: Around the current price level of 5,364.25 or a pullback to the new support at 5,300.
  • Target: Initial target can be set at 5,400, with a longer-term target at 5,500.
  • Stop Loss: Below the support level at 5,300. A tight stop loss could be placed at 5,280 to manage risk effectively.

Short Position (Bearish – Cautious)

  • Entry Point: Consider shorting if there is a strong bearish reversal signal, such as a bearish candlestick pattern or a break below the support at 5,300.
  • Target: Initial target can be the 50-day SMA at 5,220.58.
  • Stop Loss: Above the recent high, around 5,380 to 5,400 to avoid getting stopped out by minor fluctuations.


At the moment it is difficult to find bearish opportunities. Looking for longs on pullbacks on shorter time frames is the move that aligns with the overall trend. There is no need to fight the trend.