CMENT Trading analyzing the Forecast for S&P Micro Futures Tomorrow Using Bob Kendall's Indicators 6/5/24

 



As traders, staying ahead of market movements is essential for making informed decisions and maximizing profitability. With economic data on the horizon, it's crucial to assess potential scenarios and identify key levels of support and resistance for the S&P Micro Futures. Let's delve into the forecast for tomorrow's trading session.

Despite the looming economic data, strong support levels are evident on both the daily and weekly charts. The STX on the daily chart, positioned at 5244, and S2 on the weekly chart, at 5248, offer robust support zones. These levels present compelling bottom opportunities, especially if price approaches the S1/S2 range on a daily basis. Traders should monitor these levels closely for potential V bottom opportunities.

On the flip side, resistance remains formidable, particularly at R1 on the daily chart. Additionally, new highs at R2 and a high target before it, around 5329, indicate significant hurdles for upward price movement.

TLDR: S2//STX on the daily chart and 40ma should be strong support)//R2



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