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Monday, April 09, 2018

Intraday Support/Resistance Levels on S&P 500 E-mini Futures Index

My brief observations on the 60 minute (extended hours) chart of the S&P 500 E-mini Futures Index (ES) are as follows.
  • Monday, April 9 Daily PP (pivot point) R1 (resistance) @ 2651
  • PP S1 (support) @ 2571
  • PP is @ 2617 (price is currently just above)
  • plus Monthly VWAP @ 2611 (providing major support...price is currently just above)
  • 50 & 200 MAs in between PP & R1...50 has crossed above 200
We have a big range in between Monday's S1 & R1, but, if price holds above PP, we may see a retest of R1 at some point...otherwise, if it beaks and holds below S1, we could see price retest Feb's low of 2529 (Monday's S2 is 2538), or drop lower.

* UPDATE @ 1:20 pm ET...

R1 2651 hit...60 min. chart of ES below shows that the momentum indicator hasn't yet made a new swing high on this latest push up from 9:00 am ET, onward...

* 1:40 pm ET...

Price stalls at R1...5 min. timeframe shows price now trading outside uptrending Andrew's Pitchfork channel on lower momentum swing high...

* 2:00 pm ET...

Headwinds blowing...

* 3:55 pm ET...

2625 (support/resistance level discussed here) has been breached, once again...momentum indicator on 5 min. chart is signalling that further weakness is coming.

* Monday's close...

ES closed at 2618.75 (just above its daily PP @ 2617), after retesting its monthly VWAP @ 2611, as shown on the 60 min. chart below.

The momentum indicator is below zero...if that holds, I'd expect to see price drop further once this resumes after-hours trading later today and into tomorrow, especially if 2611 fails to hold as near-term support.