SP 500 Technical Analysis and Forecast Renko Chart 6/14/21

Overview

Technical Analysis and Forecast

Today, the SP 500 FUTURES managed to close at an all-time high. It was in the red for the majority of the day. It miraculously surged higher in the closing hour of trading and closed at a new all-time high. More highs are expected now that it has surpassed the previous record high of 4224. Based on the technical analysis and forecast of the Renko chart, things are still looking up.

  • The traditional 6-point brick size is used in the Renko chart.
  • There is no evident barrier on the upside.
  • On the downside, a number of support levels may be effective at keeping the SP 500 FUTURES positive momentum going. They’re at 4224, 4200, 4176, and 4164, in that order.

What Happened

During the overnight session, the SP 500 Futures reached a new high of 4256 before falling steadily. It was in the red for the majority of the day, trading as low as 4233. It soared up to a new high of 4257 in the final hour of trading, then finished a few points below the new high.

What’s Next

  • As it currently trades in record territory, more highs are likely.
  • On the downside, 4224 is the first level of support, followed by 4200 and 4176.

Daily Renko Chart

SP 500 Technical Analysis and Forecast Renko Chart 6/14/21 Daily Renko Chart

How to Use Renko Chart Technical Analysis and Forecast in Trading – Support, Resistance, and Trendline

The SP 500 FUTURES managed to surged higher in the last hour of trading, closing at a new all-time high. After surpassing the previous record high of 4224, more highs are likely. On the downside, 4224 is the first level of support, followed by 4200 and 4176.

The SP 500 Futures appeared to be struggling to ascend on the hourly chart below. When compared to previous uptrends, this one does not appear to have as much momentum. We should keep a close eye on the situation in the coming days or weeks. Regardless, the area between 4212 and 4176 should provide adequate support.

Hourly Renko Chart

SP 500 FUTURES hourly Renko chart 6/14/2021

In the 5-minute Renko chart below, it appeared to form a strong support zone between 4218 and 4236. From here, the bullish trend should be able to continue. Otherwise, the next level of defense is 4200.

5-Minute Renko Chart

SP 500 FUTURES 5-minute Renko chart 6/14/2021

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