Bears have the ball for S&P 500 emini futures: A technical analysis for the last day of February 2023
- The S&P 500 Mini Futures experienced a potential bull flag at a price junction, but unfortunately, it did not break out. Instead, it broke down and got rejected in a bearish close for the day.
- The disappointing outcome might have been a letdown for Bulls who were hoping for a potential breakout.
- Looking forward to the first day of March, there are three possible scenarios.
- The first scenario for what’s next, is a retest of the VAL (value area low) of the range at 3980
- A drop towards the midline of the channel, and a key low, which sits around 3950, then a posible bounce up
- The third scenario is the most bearish, and it involves the crossing down of 3900, or close to that area. If the third scenario unfolds, it could present a fantastic opportunity to buy for some traders. However, it is essential to wait and observe the price action before making any significant investment or trading moves.
In conclusion, the S&P 500 Mini Futures technical analysis indicates a bearish close for the last day of February 2023, with potential scenarios presenting themselves for the start of March. Traders must keep a close eye on the price action at the mentioned price junctions, as shown in the S&P 500 technical analysis video above.
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This article was originally published by Forexlive.com. Read the original article here.