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

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, respectively.

S3: At 5455, this level is near S1 on the monthly chart at 5448.

Resistance Levels:

R1 and R2: Strong resistance at 5541 and 5564.

R3: At 5587, this level is close to R1 on the monthly chart at 5594.


Daily Chart Analysis for 7/2

Support Levels:

S1 and S2: Immediate support at 5520 and 5505.

S3: At 5490, this level is significant as it aligns with the 21MA on the daily chart, which trades at a 0.15 level. It is also just below S1 on the weekly chart at 5501.

Resistance Levels:

10MA: Rounding 10MA at 5537 acts as an initial resistance.

R1 and R2: Further resistance at 5546 and 5561. R2 is near R2 on the weekly chart at 5564.

PPM Analysis:

PPM 1: Has turned slightly negative, suggesting potential downward pressure.

21MA: Price may trade down to its 21MA at 5490.

Summary

Monthly Outlook:
Support: 10MA at 5124 remains a strong long-term support level.
Trend: PPMs 1 and 2 are still in trend mode, offering support, while PPM 3's behavior warrants close monitoring.
Weekly Outlook:
Support: Key levels at 5418 (10MA), 5501 (S1), 5478 (S2), and 5455 (S3).
Resistance: Levels to watch are 5541 (R1), 5564 (R2), and 5587 (R3).
Daily Outlook for 7/2:
Support: Immediate support at 5520 (S1), 5505 (S2), and 5490 (S3).
Resistance: Watch for resistance at 5537 (10MA), 5546 (R1), and 5561 (R2).

Final Thoughts
With a mix of support and resistance levels in play and the PPMs suggesting potential sideways to downward movement, it's crucial to stay nimble and ready to adapt to market conditions. Given the holiday week, expect lower volumes and possible erratic price movements. Use the Bob Kendall indicators to guide your entries and exits, and remain cautious of volatility, especially around key economic events and announcements.































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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