SP 500 Technical Analysis and Forecast Renko Chart 6/2/21


Technical Analysis and Forecast

The SP 500 FUTURES continued to fluctuate around 4200 on Tuesday and Wednesday. It was still confined in a very tight trading range. Each time it fell below 4200, the buyers came in and pushed it back up above 4200 right away. Based on the Renko chart technical analysis and forecast, things have not changed much since last Thursday, 5/27/2021.

  • The Renko chart uses a traditional 6-point brick size.
  • On the upside, 4224 / 4230 is the immediate resistance zone.
  • Once the SP 500 Futures closes above 4225, sky is the limit.
  • On the downside, 4200 is the immediate support, followed by the strong support zone, 4164 / 4176.

What Happened

The SP 500 Futures appears to “want” to stay above 4200. It does look as though traders and investors immediately push the price higher once it fell below 4200. None the less, it is still range bound.

What’s Next

  • On the upside, 4230 is the immediate resistance zone. After 4230, sky is the limit.
  • On the downside, 4200 is the first support area, followed by 4164 / 4176.

Below is the daily Renko chart

SP 500 FUTURES Technical Analysis and Forecast Renko Chart 6/2/21

How to Use Renko Chart Technical Analysis and Forecast in Trading – Support, Resistance, and Trendline

A Renko chart makes it easy to identify pattern, trend, support and resistance. Just like the patterns on other popular charts such as bar or candlestick charts, head and shoulders, triangles, double tops or bottoms are also the typical chart patterns on Renko charts. As a result, it is easier and clearer for traders and investors to make a trading decision.

Support and resistance levels on a Renko chart are easy to identify. Traders can use these areas to make trading decisions. Traders could also watch for breakouts in these areas on a Renko chart to identify the start of a new trend.

In today’s Renko daily chart, the SP 500 Futures is confined in a very tight range with support and resistance levels merely 60 points apart. Either when it can close above the record close on the Renko chart, 4224, or it falls below 4164, things will get more exciting and the direction will become clear. Before that happens, there is not much happening at the moment.

In today’s Renko hourly chart below, something interesting surfaced. It looks like SP 500 Futures is building a Head and Shoulders pattern. If the market continued to move up tomorrow, the pattern would not be valid. The neckline sits at 4194. Ideally, if it did fall below 4194 tomorrow, it would find support near 4176 / 4164. It might rebound from that level and retest the neckline, 4194, and 4200. If it failed to climb and close above 4194 / 4200, more decline could be expected.

SP 500 FUTURES Technical Analysis and Forecast Renko HOURLY Chart 6/2/21 - POSSIBLE HEAD AND SHOULDERS PATTERN

Leave a comment

Your email address will not be published. Required fields are marked *

Freshi barida – navy t shirt.