Renko Chart Trading
The SP 500 FUTURES hit a new all-time high of 4,353 today. It began the day with a low of 4,320 and continued to rise. Despite yesterday’s decline, the daily Renko chart analysis shows no change because the uptrend has stayed unchanged and the price is once again in record territory. The Renko chart trading patterns and technical analysis of the SP 500 suggest that the upward trend will continue. In addition, the longer-term bullish trend line has risen steadily to 4,200. We recognize that the upward trend may have hit its limit and is due for a reversal. There is, however, no clear indication as to when the correction will occur.
- The Renko chart uses the traditional 6-point brick size.
- On the upside, there is no clear major obstacle.
- On the downside, the 4,300 level, followed by the previous high of 4,242 and, finally, the 4,200 support zone, may provide support for the bulls.
How to Apply Renko Chart Trading Patterns and Technical Analysis in Trading – Support, Resistance, and Trendline
The SP 500 Futures is definitely in record territory, as shown in the daily Renko chart below. In fact, yesterday’s drop drew more buyers back into the market, causing the price to rise. We can also observe that between the previous high of 4,242 and today’s all-time high of 4,353, there is no visible support zone. As a result, if the rising trend momentum weakens, the price may fall sharply in order to find support and keep the bullish trend going. Despite the fact that there is no indication of when the correction will occur, investors should exercise caution at this point.
Daily Renko Chart
It portrays a similar picture on the hourly chart as it does on the daily chart. We don’t find any strong support between 4,254 and 4,353, although the hourly chart does show some small support regions. There’s the 4,320 low from yesterday, followed by the 4,300 area. The SP 500 is likely to retest 4,254 or maybe dip as low as 4,180 if the positive impetus dissipates. There is no indication as to when the correction will occur. The chart continues to be bullish. Buyers should be aware.
Hourly Renko Chart
On the 5-minute chart, we can clearly see that the trend, which began around 4,128 and continued all the way to 4,280, was smooth sailing. As it approached 4,300, it suffered small obstacles. It resumed its upward trend after breaking above 4,300 and reaching 4,344. Then it began a brief correction that took it down to 4,308 before rebounding. As a result, between 4,254 and 4,353, we see additional intermediate support zones. We expect the upward trend to continue, although the road ahead may be bumpy rather than smooth.