Overview
SP 500 roared today because the weak job numbers will keep the FED on its toes. The easy money policy will continue. I used the SP 500 Futures Renko chart for the forecast and technical analysis today, 5/7/2021.
- The Renko chart uses a traditional 6-point brick size.
- 4200 was cleared today. It closed at all time high 4225.
- On the upside, sky is the limit.
- On the downside, 4200 / 4164 can provide very good support there.
What Happened
SP 500 Futures consolidated around 4200 before the U.S. open. Once again, buyers showed up after the embarrassing April employment numbers and shopped till you drop. SP 500 Futures is now up 1.2% for the month of May, and it was up 5.2% in April. It is up 13% this year.
What’s Next
- SP 500 FUTURES should have no problem to climb higher since there is no visible resistance in sight..
- On the down side, 4200 / 4164 should provide good support.
Below is the daily Renko chart
