Thought this looked really interesting on the S&P 500.
I am using a Daily chart with a renko brick size of 100 points on the E Mini S&P 500 Futures Contract.
To get started S&P 500 has created a valid diagonal resistance "trend zone" as it has at least 3 touch points and the trend zone not being too steep or too mellow and overall it's a nice and proper angle. For the bottom support "trend zone" it does only have two bounces but still none the less a potential area of interest as it looks like we could potentially be within a wide bigger picture channel. The speculation is if we really test that bottom end of the zone which would pretty much be testing the lows which does seem quite bold but technically on the chart it is what I'm seeing. There is also some fundamental things going on such as the rising yields, inflation concerns, war, looming recession and many more that would be too long to explain here. Overall don't be scared be prepared!
ES1!
MES1!
SPX
SPY
I am using a Daily chart with a renko brick size of 100 points on the E Mini S&P 500 Futures Contract.
To get started S&P 500 has created a valid diagonal resistance "trend zone" as it has at least 3 touch points and the trend zone not being too steep or too mellow and overall it's a nice and proper angle. For the bottom support "trend zone" it does only have two bounces but still none the less a potential area of interest as it looks like we could potentially be within a wide bigger picture channel. The speculation is if we really test that bottom end of the zone which would pretty much be testing the lows which does seem quite bold but technically on the chart it is what I'm seeing. There is also some fundamental things going on such as the rising yields, inflation concerns, war, looming recession and many more that would be too long to explain here. Overall don't be scared be prepared!
ES1!
MES1!
SPX
SPY