SP 500 FUTURES RENKO CHART Sees 4220 Strong Resistance

Overview

  • Use SP 500 Futures Renko chart for the forecast and technical analysis today
  • The Renko chart uses a traditional 6-point brick size
  • 4176 remains a strong hold today
  • 4200 seems difficult to crack
  • Major economic data coming this week

What Happened

The market gapped higher today and had a very strong start. Tesla spent all day in the red losing 3% or so, but Apple performed well. Dow had a good day and was the strongest of all 3 major indices. NASDAQ was very weak throughout the day. S&P 500 closed at the low in the end.

What’s Next

USE SP 500 FUTURES RENKO CHART FOR THE FORECAST AND TECHNICAL ANALYSIS
  • Since S&P 500 Futures maintains above the 4176 support level, the bulls still have a shot to push the market higher.
  • One thing to caution – 4200 appears to be a strong resistance.
  • In the hourly Renko chart below, we can see the lower highs forming. More than likely, the uptrend momentum might be weakening.

Non-Farm Payroll

On Friday, the April Non-Farm Payroll numbers will be released. The numbers are expected to be good. However, the market is unpredictable. Who knows whether a good number can send the stocks higher or lower.

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