S&P Micro Futures Forecast for 6/25: Navigating Support and Resistance with the Bob Kendall Indicators

As we enter Tuesday's trading session after a down day Monday, the S&P Micro Futures present a nuanced landscape. Utilizing the Bob Kendall indicators on the daily chart provides us with essential insights into potential market movements and key levels to watch.

Daily Chart Analysis

Support Levels:

  • S1 and S2 Levels (5507/5497): These levels, along with the 10-day moving average (10MA) at 5516, are crucial to watch. PPM1, related to the 10MA, is at 0.15, indicating it's not in trend mode (0.25) but still has a positive slope. This suggests these support levels might hold, though they may not be the strongest.
  • STX Level (5477): If S2 doesn't hold, the next significant support is the STX on the daily chart, which aligns with S2 on the weekly chart at 5479.
  • 21-day Moving Average (5448): This level is also strong short-term support, with PPM1 indicating a 0.15 positive slope.

Resistance Levels:

  • R1 and R2 Levels (5526/5536): On the upside, these levels provide immediate resistance. R2 at 5536 is particularly notable as it aligns with R2 on the monthly chart (5535), offering strong resistance.
  • RTX Level (5556): If R2 is breached, RTX at 5556 will be a significant resistance level to watch, closely followed by R1 on the weekly chart at 5560.

PPM Analysis

The PPMs on the daily chart are not currently in trend mode (0.25), but they are maintaining a positive slope. However, the projections suggest a downward to sideways trend, indicating potential consolidation or minor corrections rather than a strong directional move.

Conclusion

Heading into Tuesday, the S&P Micro Futures show a complex interplay of support and resistance levels. With the PPMs indicating a positive slope but not in trend mode, caution is advised. The support around S1/S2 and STX levels will be critical to watch, while resistance at R1/R2 and RTX will test the market's upward momentum.

Be prepared for potential volatility and remain flexible in your trading strategy. Use the Bob Kendall indicators to guide your decisions and manage risks effectively.


Pictured below is the micro E mini S&P 500 index futures (Sept 2024)  Daily chart 



Below is MES1














Disclaimer

This forecast is based on technical analysis and market observations using Bob Kendall indicators. It should not be considered 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.





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