S&P Micro Futures Forecast for 6/26: Navigating Support and Resistance with Bob Kendall Indicators

As we move into Wednesday's trading session, it's essential to analyze the market dynamics using the Bob Kendall indicators. After a sideways trading day on Tuesday where the price didn't even reach its S1 level on the daily chart, we can anticipate potential scenarios for tomorrow.

Tuesday's Market Recap

  • Support Held: Price held the 10-day moving average (10MA) at 5518.
  • Range Bound: Price hovered around the R1/R2 levels.

Given this context, we can look at potential support and resistance levels for Wednesday's trading.

Daily Chart Analysis

Support Levels:

  • S1 Level (5527): This level coincides with the 10MA on the daily chart. Expect this to be a decent support level.
  • S2 Level (5518): While price held this level yesterday, it could be tested again.
  • S3 Level (5507): This is a new low from yesterday at 5511 and aligns closely with S1 on the weekly chart at 5508.
  • Low Targets (LT1, LT2, LT3):
    • LT1: 5424: Significant as it is below the 21MA on the daily chart at 5455, which is a strong short-term support.
    • LT2: 5361
    • LT3: 5322

Resistance Levels:

  • R1 Level (5546): Immediate resistance on the daily chart.
  • R2 Level (5556): This is a strong resistance level.
  • R1 Weekly Chart (5560): Just above R2 on the daily chart, providing additional resistance.

PPM Analysis

The PPMs on the daily chart are still showing a positive slope but are not in trend mode (0.25). They are currently at 0.15, suggesting sideways to downward pressure.

Conclusion

Heading into Wednesday, the S&P Micro Futures present a mixed outlook. The support levels at S1 (5527), S2 (5518), and S3 (5507) will be critical to watch, with potential further support at the low targets if these levels fail. On the upside, resistance at R1 (5546) and R2 (5556), along with R1 on the weekly chart (5560), will test the market's strength.

The PPMs suggest sideways to downward pressure, so remain cautious and 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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