The E-mini S&P 500 futures (#ES_F) have exhibited a notable bullish trend over the past week, characterized by a series of well-defined support and resistance levels and a pattern of failed breakdowns that have served as bear traps. Starting from a key support level at 6410, which held multiple tests, the market rallied through successive targets of 6422, 6429, 6439, and 6452, eventually reaching new all-time highs above 6457 and 6467. Following a reclaim of 6402, the futures surged approximately 100 points, hitting targets at 6488, 6499, and 6514, with supports consistently noted around 6469, 6477, and 6488. The trading activity included a clean range-bound flag formation between 6410 and 6429 initially, which evolved into a new flag between 6469 and 6500 as the market continued to build structure. The recent period also coincided with options expiration (OPEX) days, which introduced low-quality chop and volatility, leading to caution against overtrading. Despite this, the levels held firm, with 6469 repeatedly acting as a critical support, and minor resistances observed near 6484 and 6503. Market analysts highlighted the importance of holding above aggressive support zones around 6460.75 to 6470.75 to maintain short-term control and bullish momentum. The overall outlook suggests a consolidation phase with potential for further upward movement upon breaking out of the current flag range.
Big picture view #ES_F: 1 week ago, I posted ES built a bull flag since July 22nd, with 6415 resistance. We broke it out Tuesday. I was looking for 6500+ off it, and we got there. Since Wednesday, ES is basing again Plan: 6469-6500=a new flag. Trap below likely, then breakout https://t.co/x0S3mqBGoj
$TSCO interesting setup here. Big move up on earnings but it left a giant upper wick, Starting a TTM Squeeze now and may be getting ready to test the earnings highs. Check out this chart I made with @TrendSpider https://t.co/oHHouGEnbf
A trader shares what chart could signal a potential shift in strategy. "I'm gonna be really excited" if this sector shows up in the system's end-of-week analysis. #trading #stockmarket https://t.co/OrysRLrZHO