ESH2025 (SP500 Futures, Daily time series):
Down .92 Percent / 208 Ticks
Bearish congestion with a market bottom
Despite making new lows, the market is attempting to rally again, signaling a potential short-term bottom. Similar to a few days ago, this relief bounce could ease selling pressure and provide a favorable opportunity to sell at higher levels—likely by Friday's close or into Sunday’s GLOBEX open. For now, the market appears poised for a statistically strong rally on Friday.
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Resistance levels for the day:
R5: 5653.50-5644.50; Tail move I.
R4: 5633.25; Max upside move.
R3: 5597.25; Can break.
R2: 5568; Market can break this.
R1: 5540.75; Market has broken this and is going to R2 at the time of writing.
S1: 5528.25; Strong and will break in the future. Typically when we break and retrace a level like this, we see in the future this buy signal fail at another point in time, but that wont be today.
S2: 5515.25; Buy area II. Strong buy area, max daily downside.
S3: 5506.75; Buy area III, range is tightening up here. Also a buy area and within max daily downside targets.
S4: 5498.25; Tail move I, low probability.
S5: 5487.25-83.00; Downside tail II, low probability.
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