Use SP 500 Futures Renko chart for the forecast and technical analysis today, 5/4/21.
- The Renko chart uses a traditional 6-point brick size
- 4176 has become the resistance
- 4128 is the next support level
- Late rally might push the price higher tomorrow
SP 500 Futures began to show weakness right after the New York close yesterday. It reached 4184 high at the end of the Asian session and then moved lower. The selling intensified after the U.S. open. In addition, Yellen’s comment about rate hike exacerbated the situation. Dow was the strongest of the 3 major indices. It recouped the 200+ point loss and closed in the green column. However, NASDAQ was the weakest of all. It lost almost 2% on the day.
- The late rally might push the SP 500 Futures to retest 4176 and then, 4200.
- 4128 and 4110 should provide good support.
- Non-Farm Payroll on Friday