May 4, 02:30 PM

S&P 500 Futures Rally Surpasses 5672 Target, Holds Support at 5665-72 Amid Key Resistance Levels

The S&P 500 futures (ticker: ES_F) have demonstrated bullish momentum, breaking out of a 1.5-week bull flag at 5492 and surpassing the initial target of 5672. After nine consecutive days of gains, the market faces critical support levels between 5665 and 5672, which must hold to sustain the rally toward 5751. Key resistance and support levels to watch include the weekly high at 5724.75, the pivotal April high at 5740, the nVPOC from March 27th at 5750, and the mid-March weekly point of control at 5815. The upper weekly target is identified at 5921. Last week’s market action featured a true gap up on Thursday, leading to the formation of a double distribution on the weekly profile. Despite a weak close on Thursday, the market continued to advance on Friday, indicating ongoing strength. Analysts emphasize the importance of Friday’s close relative to these key levels to determine if the bullish trend can be maintained into the following week.

Written with ChatGPT (GPT-4).

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S&P 500 Futures Rally Surpasses 5672 Target, Holds Support at 5665-72 Amid Key Resistance Levels

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