Overview
Today, the SP 500 FUTURES reached a new all-time high of 4,347. After Thursday’s close, the futures continued to rise, and it closed around the day’s high at 4,342 on Friday. The SP 500’s technical analysis and Renko chart trading patterns suggest that the upward trend will continue. In addition, the longer-term bullish trend line has slowly ascended to 4,200. There are no clear barriers to the upside in the short term, except that the upward trend may be overextended and ripe for a correction.
- The Renko chart uses the traditional 6-point brick size.
- On the upside, the Renko chart reveals no obvious obstacles.
- On the downside, the 4,300 mark might give some psychological support, followed by the previous high of 4,242, and finally the 4,200 support zone.
What Happened
According to technical analysis and Renko chart trading patterns, the SP 500’s upward trend will continue. The SP 500 is at an all-time high, with no obvious barriers to the upside on its path. Because of better-than-expected unemployment claims, the futures broke over the 4,300 psychological barrier yesterday. The enthusiasm continues today. The strong June job figures pushed futures prices into uncharted territory. On Friday, the SP 500 finished around the day’s high of 4,342.
What’s Next
- On the upside, the Renko chart shows no obvious hurdles.
- On the downside, the 4,300 mark serves as a psychological support, followed by the previous high of 4,242, and then support zones of 4,212 and 4,180.
How to Apply Renko Chart Trading Patterns and Technical Analysis in Trading – Support, Resistance, and Trendline
The SP 500 is at an all-time high, with no clear upward hurdles in its way. Yesterday, the futures went through the 4,300 psychological barrier as a result of better-than-expected jobless claims. Today, investors are looking for additional gains following the good June job figures. The rising trend line is currently at the 4,200 level, and the trend is extremely well sustained. The sole caveat is that the rising trend may be overstretched and due for a correction, which might not occur anytime soon.
Daily Renko Chart
The SP 500 has stayed in record territory on the hourly chart below. The general optimistic outlook has not changed. Prices appear to be climbing further. There may be some fear, though, that the rising trend is getting overstretched. We don’t know when the correction will take place. If the SP 500 turns around and retests previous support levels, it should be able to find support between 4,254 and 4,300.
Hourly Renko Chart
The 5-minute chart below illustrates that the strong rising trend has persisted today. The 4,300 mark has been designated as the new support level. The upward trend appears to be continuing, with further highs predicted. It may also suggest that the rising trend appears to be overextended, but that the corrective phase will take some time. The initial support zone on the downside is between 4,260 and 4,300, followed by a zone of between 4,180 and 4,250.
5-Minute Renko Chart
