Technical Analysis and Forecast
Since Monday, the SP 500 FUTURES has been trading above 4200 and close to an all-time high. The trading range is rather limited. It falls between a 30-point range of 4206 to 4236. Things are now looking cautiously positive based on the technical analysis and forecast of the Renko chart.
- The Renko chart uses the standard 6-point brick size.
- On the upside, the immediate resistance level is 4230.
- If the SP 500 Futures closes above 4230, the price will almost certainly rise due to the positive momentum.
- On the downside, various support levels might help to maintain the SP 500 FUTURES positive momentum. They are located at 4200, 4176, 4164, and 4110 / 4128.
On Monday and Tuesday, the SP 500 Futures scarcely moved. It has been fluctuating in the 30-point range over the past two days. It stayed below the all-time high of 4238. Despite this, it closed at 4,228, which was higher than the previous record close of 4,224. At present, things appear to be cautiously positive. More higher highs are still preferred.
- Except for the previous all-time high of 4238, there is no evident barrier on the upswing at the present.
- On the downside, 4200 is a solid support level, followed by 4164 / 4176.
Daily Renko Chart
How to Use Renko Chart Technical Analysis and Forecast in Trading – Support, Resistance, and Trendline
The SP 500 FUTURES was hovering near the record close of 4228 in today’s daily Renko chart above. Except for the all-time high of 4238, there is no evident resistance on the chart right now. More record highs are likely. On the downside, various support levels, including 4200, 4176, and 4164, should provide adequate support and maintain the bullish situation.
The technical analysis of today’s hourly Renko chart has not changed from last Friday’s close. The previous record close of 4236 is the sole evident barrier. More higher highs are possible if futures maintain its positive momentum and closes above 4236. The chart clearly shows that the area between 4224 and 4176 might give the necessary support to keep the bullish scenario going. Even if the price cannot rise soon, it appears encouraging. Futures contracts should be able to consolidate over 4176.
Hourly Renko Chart
The battleground in the 5-minute Renko chart below is presently between 4200 and 4212. If the price can break above all time high and continue to go higher, this region will become a support region. There are several interactions between 4176 and 4212. This region can also give a ton of support. Between 4152 and 4176 is the next region of support. The bullish scenario appears to be in play, as higher lows are apparent on the 5-minute chart.