Hey Trader,
Happy Tuesday, I hope you're week is going well so far!
S&P 500 Analysis for the DAY of Tuesday: March 19, 2024
Let's talk about what's on the horizon for Tuesday in the futures market.
With technical analysis at the forefront, here's what you need to know to navigate the upcoming trading session.
Looking at the charts, we see a key level at 5288.00. This level is likely to serve as a strong barrier for buying pressure throughout the week ahead.
However, if we see a breach below this level, we could be eyeing a range between 5025.00 and 5071.50 within the week. Keep a close watch on how the market behaves around these levels, as they could offer significant trading opportunities.
On the downside, we have a support level at 5130.25. If the market shows weakness and closes below this level, it could signal further downside momentum, with the potential to reach the range of 5025.00 to 5071.50 within several days. This range might act as a stronghold for selling pressure, possibly extending through April and even beyond.
But, it's not all doom and gloom. If Tuesday sees a strong close above 5288.00, it could pave the way for further upside potential. In fact, we might be looking at a target of 5505.25 over the next 2 - 3 weeks. This could mark the beginning of a bullish phase, potentially leading to significant upside continuation into Q3.
0800 - 1100 ET ... /NQ, /ES, /CL, /GC
So, as you prepare for Tuesday's trading session, keep these key levels and potential scenarios in mind. Stay vigilant, stay informed, and always be ready to capitalize on the opportunities presented by the market.
Happy Trading,
Anthony Speciale
Speciale Analysis
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