- Use SP 500 Futures Renko chart for the forecast and technical analysis today
- The Renko chart uses a traditional 6-point brick size
- 4176 remains a strong hold today
- 4200 seems difficult to crack
- Major economic data coming this week
The market gapped higher today and had a very strong start. Tesla spent all day in the red losing 3% or so, but Apple performed well. Dow had a good day and was the strongest of all 3 major indices. NASDAQ was very weak throughout the day. S&P 500 closed at the low in the end.
USE SP 500 FUTURES RENKO CHART FOR THE FORECAST AND TECHNICAL ANALYSIS
- Since S&P 500 Futures maintains above the 4176 support level, the bulls still have a shot to push the market higher.
- One thing to caution – 4200 appears to be a strong resistance.
- In the hourly Renko chart below, we can see the lower highs forming. More than likely, the uptrend momentum might be weakening.
On Friday, the April Non-Farm Payroll numbers will be released. The numbers are expected to be good. However, the market is unpredictable. Who knows whether a good number can send the stocks higher or lower.