Stock market technical analysis: This needs to happen for bulls to regain control

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ES technical analysis: Bulls vs. bears ⚖️ but bears have the ball till this changes…

Price must re-enter the broken bear flag for bulls to regain control

The S&P 500 E-mini Futures (ES1!) have been exhibiting some intriguing price movements on the 4-hour chart. Let’s dive into the technical analysis to understand the potential scenarios and key levels to watch for traders and investors. 📉📈

Key Highlights:

  • Upward Channel (Purple) 📊

    • The ES has been trading within an upward channel (purple shaded area) for an extended period.
    • Bullish Scenario: Bulls need to see the price re-enter and stay within this channel to indicate a continuation of the bullish trend.
  • Broken Bear Flag 🐻

    • Recently, a bear flag was identified and subsequently broken to the downside, suggesting a bearish sentiment.
    • Bearish Confirmation: This breakdown has left the market in a bearish mode, and the price remains below this critical level.
  • Retest Levels 🔄

    • The price appears to have retested the bottom of the pitchfork, encountering resistance.
    • Critical Retest: A more significant test would be the broken purple bear flag. If the price retests this level and fails to break above, the bearish sentiment could be reinforced.
  • Current Position 📉

    • As of now, the price is below both the upward channel and the broken bear flag, indicating a bearish stance.

Key Levels to Watch:

  • Resistance Levels 🚧

    • 5270: The bottom of the pitchfork, acting as immediate resistance.
    • 5300 or just above: The broken bear flag level, crucial for bulls to overcome to regain control.

Bulls’ Roadmap 🐂:

  • Re-enter and maintain the price within the upward purple channel.
  • Break above the 5,325 zone to invalidate the bear flag breakdown.

Bears’ Strategy 🐻:

  • Hold the price below the 5,315 resistance zone.
  • Wait for a retest of the purple bear flag
  • Conclusion:

The battle between bulls and bears continues as we observe these critical technical levels. Traders and investors should keep a close eye on the price action around the support and resistance zones to gauge the next potential move in the S&P 500 E-mini Futures. Stay tuned and trade wisely! 🚀🔍

Happy Trading! 🎯

This article was written by Itai Levitan at

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