Analyzing Tomorrow's Forecast for S&P Micro Futures Using Bob Kendall Indicators



In today's trading session, the S&P Micro Futures demonstrated strong upside momentum following the 10:00 news, with PPM 3 and the 200-day moving average consistently trending upward. Observing these trends, I've noticed a recurring pattern where buying opportunities arise when price dips to around the 10 or 21-day moving averages—a "buy the dip" moment that often precedes further upside movement.

Looking ahead to tomorrow's trading session, I anticipate some backfilling down to the support level at S1, which coincides with R2 on the weekly chart. Further support can be found around S2 and yesterday's high target of 5330. Particularly noteworthy is the strong support aligning with the STX target on the daily chart, which now coincides with the 10 and 21-day moving averages. These levels present potential buying opportunities for traders looking to capitalize on upward momentum.

Conversely, resistance levels should be closely monitored, with strong resistance expected at R1 (5379). This level corresponds with R3 on the weekly chart and R1 on the monthly chart, making it a crucial pivot point. Breaking and holding above this resistance could signal further upside potential. Additionally, it's essential to keep an eye on potential Fibonacci high targets to the upside, including 5537, 5664, and 5743. While these targets, as Bob Kendall describes, may represent island targets, they remain significant areas to watch for potential price action.



The forecast provided here, incorporating insights from the Bob Kendall indicators, is based on technical analysis and market observations and should not be considered as financial advice. Traders should conduct their own research and analysis before making any trading decisions. Trading futures involves substantial risk and may not be suitable for all investors.

Comments

Post a Comment

Popular posts from this blog

Mastering the Art of "Buy the Dip": A Deep Dive into a Winning Trading Pattern

Image
  In the dynamic world of trading, every investor seeks that elusive edge, that golden strategy that can consistently deliver profitable outcomes. For me, this journey led to a meticulous exploration of the "buy the dip" scenario, a strategy that has significantly refined my trading approach. While I haven't maintained a daily trading blog during this period of exploration, I've delved deep into testing new setups, ultimately uncovering insights that have reshaped my trading landscape. The essence of my refined strategy revolves around a keen understanding of Bob Kendall key indicators, notably PPM 1, PPM 2, and PPM 3, coupled with a strategic approach to profit-taking using the 40-period moving average (40ma). When initiating a "buy the dip" trade, timing is crucial. After observing a downward momentum, I patiently wait for specific signals to align before entering or adding to a position. PPM 1 must rise above both of its derivatives with a positive slope,...
Read more

S&P Micro Futures Forecast for 7/2: Monthly, Weekly, and Daily Analysis Using the Bob Kendall Indicators

Image
As we enter a new trading month, it's time to analyze the S&P Micro Futures using the Bob Kendall indicators. Given that July starts with a short holiday week due to the 4th of July, we can expect lower trading volumes and potential range-bound movements. Let's dive into the monthly and daily charts to outline support and resistance levels for the upcoming trading sessions. Monthly Chart Overview PPMs Analysis : PPM 1 and 2: Both are above their derivatives and remain in trend mode (>0.25), indicating strong long-term support. PPM 3: While still above trend mode, it is starting to pierce its second derivative, which could test its positive slope. Key Support Levels : 10MA: Long-term support at 5124. Weekly Chart Analysis The market grid is starting to flatten out, which suggests potential range-bound trading for the week. Support Levels: 10MA at 5418: This level provides strong weekly support and maintains a 0.62 level on PPM 1. S1 and S2: Strong support at 5501 and 5478...
Read more

S&P Micro Futures Forecast for 6/10: Key Levels and Insights Using Bob Kendall Indicators

Image
As we head into a new week, it’s essential to assess where the market grid stands and how it will influence the daily analysis. For tomorrow, 6/10, using the Bob Kendall indicators, here are the key levels and insights to watch out for in the S&P Micro Futures. Weekly Chart Analysis Support Levels: S1 at 5323: This support level coincides with the 10 and 21-day MAs on the daily chart, reinforcing its significance as a support zone throughout the week. S3 at 5251: This level is crucial as it aligns with the 10-day moving average (MA) on the weekly chart, providing a strong support base. Resistance Levels: R1 at 5387: This resistance level is slightly above R1 on the monthly chart at 5378, marking it as a critical resistance point. R3 at 5459: This aligns closely with R2 on the monthly chart at 5471, indicating a major resistance zone if R2 holds. Daily Chart Insights for Tomorrow  Support Levels: S3 at 5323: This level aligns with the 10 and 21-day MAs, providing a robust suppor...
Read more