Technical Analysis and Forecast
Today, the SP 500 FUTURES hit an all-time high. The SP 500 began to rise modestly overnight after yesterday’s closing. During the US session, it surpassed the previous high. Despite being in record territory, the SP 500 is just slightly higher than the prior high. We should keep an eye on the situation in the coming days to see if prices continue to rise. If the SP 500 makes a false breakthrough, it may revert below 4,220 or 4,200 to retest these support levels before rising again. Since Sunday evening, 6/20/2021, the technical analysis and forecasts on the Renko chart have continued to show a very strong V-shape rebound rebound. In addition, the longer-term bullish trend line has steadily risen.
- The Renko chart uses the traditional 6-point brick size.
- On the upside, there are no visible barriers on the Renko chart.
- On the downside, the previous high of 4,242, followed by the 4,200 support zone, will provide good support.
Since Sunday, the SP 500 has made another strong V-shape comeback. It did briefly dip below the rising trend line during the Sunday overnight session, but the drop was temporary. Despite the setback, it hit a new high today. The bullish momentum appears to be very strong at the time. I expect additional record highs to be set in the near future.
- On the upside, there are no obvious barriers on the Renko chart.
- On the downside, the previous high of 4,242, followed by the 4,200 support zone, will provide some support.
How to Use Renko Chart Technical Analysis and Forecast in Trading – Support, Resistance, and Trendline
The rising trend line is still prominent in the daily Renko chart below. The rising trend is still very strong. As can be seen in the chart, there is also solid support at around 4,150 and higher. As a result, new heights are on the horizon.
Daily Renko Chart
The SP 500 is in record territory in the hourly chart below, although it is just marginally higher than the previous high of 4,254. In fact, it’s only one brick higher than the previous high. The brick is 6 points in size. We should keep an eye on the situation in the coming days to see if prices rise further. On the downside, support is seen at around 4,220.Then, between 4,150 and 4,200, we had a lot of support.
Hourly Renko Chart
The significant V-shape rebound since Sunday evening can be seen in the 5-minute chart below. There is ample support between 4,200 and 4,220 to protect the price from dropping further if the SP 500 takes a pause and trades lower. Otherwise, there is a lot of support in the range of 4,150 to 4,200. On the upside, there is no discernible resistance. If the bullish momentum remains strong, we might hit 4,300 in the next few days.