S&P 500 e-mini futures technical anaysis video and price forecast
In the above video, I will discuss the recent bullish outlook on the S&P 500 E-mini Futures based on technical analysis. The price forecast indicates a minimum target of 4170 for this week, with potential for further growth. Let’s delve deeper into the key points from the YouTube video analysis shared on ForexLive.com.
Bullish Technical Analysis and Price Forecast
The S&P 500 E-mini Futures have maintained a bullish trend, as evidenced by the following technical indicators:
- Channel Formation: A well-defined channel, marked in yellow on the chart, has formed with four touch points at the bottom band and two at the top. The channel provides a clear view of the current upward trend.
- Mid-Channel and 20 EMA Reclaimed: After a brief 2.5-day pullback, the S&P 500 E-mini Futures rebounded on Good Friday, rising by 0.23%. This recovery allowed the index to reclaim both the mid-channel (dotted line) and the 20 Exponential Moving Average (EMA) on the 4-hour chart.
- Bullish Premise: As long as the recent low of 4096.5 holds, I do not foresee the index falling below 4120, let alone reaching 4100. The bullish trend is expected to continue.
Key Price Targets
The minimum target for this week is 4170, near the recent high of 4171.75 recorded on April 4th. However, I also mentioned other potential targets:
- 4180: A possible short-term target.
- 4200: A psychologically significant round number that may act as a magnet for traders and algorithms.
- 4260: A higher blue line target for the future.
Conclusion
The technical analysis indicates a bullish price forecast for the S&P 500 E-mini Futures, with a minimum target of 4170 for this week. As long as the recent low of 4096.5 is maintained, the uptrend is likely to persist. Traders should monitor these key levels and trade S&P 500 E-mini Futures at their own risk. For additional insights, stay tuned to ForexLive.com.