SP 500 FUTURES RENKO CHART Analysis 5/5 – Rebound Wanted

Overview

Use SP 500 Futures Renko chart for the forecast and technical analysis today, 5/5/2021.

  • The Renko chart uses a traditional 6-point brick size
  • 4176 is the immediate resistance and has been retested since the European session.
  • On the upside, 4200 is the next hurdle should 4176 is cleared.
  • On the downside, 4128 is the next support level

What Happened

SP 500 Futures gained some strength from the late rally yesterday. It reached 4178 high during the European session and then moved lower before the U.S. open. Throughout the day, 4176 seemed unbreakable. Maybe the investors are waiting for the April employment numbers. SP 500 Futures closed below 4160 today.

What’s Next

  • At 12 noon Eastern, SP 500 FUTURES is still below 4176.
  • 4176 appears to be a strong resistance.
  • On the down side, 4128 and 4110 should provide good support.
  • Non-Farm Payroll on Friday

Below is the hourly Renko chart

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