Close Navigation
Learn more about IBKR accounts
S&P500 (ES) Weekly Hammer Nears 2023 High

S&P500 (ES) Weekly Hammer Nears 2023 High

Posted April 14, 2023
Darren Chu
Tradable Patterns

S&P500 (ES) Weekly Hammer Nears 2023 High

The S&P500 (ES) is consolidating just shy of the April and February high, forming a weekly Hammer just below downtrend resistance (on the weekly chart).  ES now appears more likely to test the August high in April than the psychologically key 4k whole figure level.  Regardless of any volatility today 830am EST with the US retail sales and at 10am EST following the US preliminary UoM consumer sentiment, odds are elevated for a further short squeeze going into next week.  Congratulations to paying subscribers who benefited from the Oct 18, 2022 analysis highlighting the early stages of a month plus Dead Cat Bounce, or from the February 18, 2020 analysis one day before the record high in the ES, warning of the pending slide in the S&P500.  The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains.  I am going to stay on the sidelines for now, waiting for an exhaustion in the rally since the October low before going short.  Click here for analysis on NASDAQ100, WTI CRUDE

Source: Interactive Brokers TWS

Disclosure: Interactive Brokers

Information posted on IBKR Campus that is provided by third-parties does NOT constitute a recommendation that you should contract for the services of that third party. Third-party participants who contribute to IBKR Campus are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from Tradable Patterns and is being posted with its permission. The views expressed in this material are solely those of the author and/or Tradable Patterns and Interactive Brokers is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to buy or sell any security. It should not be construed as research or investment advice or a recommendation to buy, sell or hold any security or commodity. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

Disclosure: Futures Trading

Futures are not suitable for all investors. The amount you may lose may be greater than your initial investment. Before trading futures, please read the CFTC Risk Disclosure. A copy and additional information are available at ibkr.com.

IBKR Campus Newsletters

This website uses cookies to collect usage information in order to offer a better browsing experience. By browsing this site or by clicking on the "ACCEPT COOKIES" button you accept our Cookie Policy.