SP 500 Renko Chart Trading and Technical Analysis 7/14/21

Overview

Renko Chart Trading

The SP 500 FUTURES achieved a new all-time high of 4,384 today. It has been driving up the price since Sunday evening. We did witness some back and forth action today as the bulls continued to try to gain ground and momentum, but were cautious to do so as the price approached another milestone, 4,400. The overall picture has remained unchanged. The SP 500 is in record territory. The SP 500’s Renko chart trading patterns and technical analysis show that the current trend is still bullish. There is no hint that the peak is approaching. One thing to keep in mind is that entering a new long at this stage should be done with considerable caution.

  • The Renko chart uses the traditional 6-point brick size.
  • On the upside, there are no obvious big roadblocks.
  • On the downside, the 4,344 level may provide bulls with support, followed by the previous low of 4,314 and, finally, the 4,200 support zone.

How to Apply Renko Chart Trading Patterns and Technical Analysis in Trading – Support, Resistance, and Trendline

The SP 500 Futures is once again in record territory today, as shown in the daily Renko chart below. Last Friday, we closed at 4,360. Today, we are at 4,384, which is roughly 24 points higher. The increase has been modest, but there is no evidence to suggest that a top has formed. In fact, we anticipate the price will continue to rise at this point. However, because of the exorbitant price, extra vigilance should be exercised. Any sudden and rapid movement in sentiment might lead the price to crash quickly and severely. According to the daily chart, the 4,314 level is the bulls’ first line of defense. Then we’ll look at the 4,242 area.

Daily Renko Chart

SP 500 Renko Chart Trading and Technical Analysis 7/14/21 daily chart

The recent trading range between 4,350 and 4,384 appears to be fairly concerning on the hourly chart below, as indicated by the yellow area. We should keep a careful eye on the situation in the coming days. If the SP 500 is stuck in this range and is unable to reach higher highs, it is highly possible that it will retest the green region between 4,290 and 4,350.

Hourly Renko Chart

SP 500 Renko Chart Trading and Technical Analysis 7/14/21 hourly chart

The 5-minute Renko chart depicts the same image as the hourly chart. The most recent trading range of 4,350 to 4,384 appears to be worrisome. If it is unable to break away from this range, the futures is expected to reverse course and fall back to retest the green region from 4,284 to 4,350.

5-Minute Renko Chart

SP 500 Renko Chart Trading and Technical Analysis 7/14/21 5-minute chart

Renko Chart Trading: More Resources

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